My wife and I are considering assuming a loan on the home we’re renting. The owner has a neg am loan with an interest rate that will cap no higher than 11%. He’s currently 1.5 years into a 5 year fixed. We’re concerned about the high interest rate so the ability to refinance is very important. We know that it may be best to just apply for a new loan but I have started a business and cannot verify income. So getting a new loan can be just as problematic. This could be an easy way to get into a home but is it a good idea? What do we need to consider?
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Chances are if it’s not an FHA/VA loan you will not be permitted to assume the loan. I haven’t seen an assumable mortgage in many years, they are extremely rare.
You need to find a bank and just purchase the home from him, like any other home sale.
First of all, most likely the mortgage is NOT assumable. I haven’t seen an assumable loan in a long time. Just have him sell you the house, get your own financing. Sounds like you might have bad credit, and you’re land lord is trying to take advantage of you by convincing you that you can “take over payments”.
Continue renting, because even if you “take over payments”, the mortgage is not yours so you’re renting anyway.
A loan is a loan. You need to consider, Why desire this?. Depends on your income and other outstanding debt, stated income loans have dwindled, Credit Score is not all they look at, must meet minimum debt service ratios. And they look your job history
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