Showing posts with label Assumable Mortgage Louisville. Show all posts
Showing posts with label Assumable Mortgage Louisville. Show all posts

Assumable Mortgage Louisville, KY

Assumable Mortgage Louisville, KY - Discover Your Government - GovGuru.com




Assumable Mortgage in Kentucky

Assumable Mortgages are a type of financing arrangement in which the outstanding mortgage and its terms can be transferred from the current owner to a buyer. By assuming the previous owner’s remaining debt, the buyer can avoid having to obtain his or her own mortgage. 

Buyers are typically attracted to homes with existing assumable mortgages during times of rising interest rates. This is because they can assume the seller’s mortgage, which was created when interest rates were lower, and use it to finance their purchase. If the home’s purchase price exceeds the mortgage balance by a significant amount, the buyer will either need to provide a sizable down payment or obtain a new mortgage anyway.

 For example, if a buyer is purchasing a home for $250,000, and the seller’s assumable mortgage only has a balance of $110,000, the buyer would need a down payment of $140,000 to cover the difference, or would have to get a separate mortgage to secure the needed funds.


  • An Kentucky assumable mortgage is an arrangement in which an outstanding mortgage and its terms are transferred from the current owner to a buyer. 
  • When interest rates rise, an assumable mortgage is attractive to a buyer who takes on an existing loan with a lower rate. For example if the current home buyer has a 3% rate, and the current market rate is 7%, the seller of the home can have the buyer assume their mortgage in order to qualify for a lower mortgage payment, but if there is a difference in the sales price and the mortgage amount being assumed, the buyer must come up with the difference hence most of the time this is not a viable option for Kentucky Homebuyers looking to assume a mortgage at a lower rate.
  • Kentucky USDA, FHA, and VA loans are assumable when certain criteria are met. 
  • Buyers must still qualify for the mortgage to assume it.
  • Conventional Loans are not assumable.
Assumable Mortgage Louisville, KY


fha assumable homes in louisville

Joel Lobb  Mortgage Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119
email:
 kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/


NMLS 57916  | Company NMLS #1364/MB73346135166/MBR1574


The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval
nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).

No Closing Costs Mortgage Louisville Kentucky




Zero Closing Costs Mortgage in Louisville Kentucky . Apply Below for your free No Closing Costs Mortgage.



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Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346
 

 



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