FHA Or VA Assumption On Your Home Loan
Thanks again for coming to TucsonShortSale.com; I know you hear me talk about short sales all the time, but today I wanted to talk to you about something else that we help people with. There are many homeowners out there that have an FHA loan or a VA loan and it’s possible that they have a little bit of equity on the house. One of the things that we can help you with is what’s known as an assumption.
With an assumption, we find a new buyer for your home, they make a down payment to cover all of the closing costs and go through the assumption process. If we do it through the VA, we’d be substituting your eligibility with another member of the military and with an FHA loan, it can be anyone, but they do have to qualify if your loan is fairly recent. The goods for both of these is that they can just assume your loan. With interest rates starting to rise, those of you that have FHA loans with a fairly low interest rate all of a sudden become a fairly attractive option to buyers. The buyer may very well be willing to pay a little bit more because the cost of the financing by assuming that loan is a lot less than they’ll pay for financing when interest rates go up.
I wanted to put this out there, so if you have an FHA or VA loan, you don’t know if a short sale or an assumption is the right thing or you don’t know if you have any equity in the house, we can help you figure all of these things out. We know how all of the different FHA and VA programs associated with your loans work, so please fill out the request form at the top of TucsonShortSale.com or pick up the phone and give us a call.
