Homes With Assumable Loans in Griffin, GA
1 home for sale in Griffin, GA where you can take over the seller’s mortgage and keep their rate. Rates are as each listing states them, or with the lender and loan term.
- 1Keep the seller’s rateYou take over their FHA, VA or USDA loan, at their rate instead of today’s 6.75%.
- 2Put about 10% downA second loan covers the rest of the price. Both are in the monthly payment.
- 3Pay less each monthEach home shows its estimated monthly payment next to a new loan’s.
1 of these home doesn’t publish the loan details, so we can’t work out the payment. Open the home and ask: a Veribas agent gets the real figures.
Rates, lenders, terms and balances come from three places only: the listing agent's own remarks; the FHA loan in HUD's public FHA Single Family Portfolio Snapshot that matches the owner's recorded MLS purchase to the dollar (shown as "Likely"; the lender named is the loan's original lender, which may no longer service it, and the balance is the original loan paid down on schedule, so the loan may since have been refinanced, modified or paid down faster); or a Veribas agent's confirmation with the listing agent. A rate is shown when the listing description states it (labelled as such) or when its lender and loan term are known; payments are shown only when the lender and term are known. Otherwise ask and we'll get them. Rates shown are the existing loan's note rate, not an annual percentage rate (APR), and not an offer of credit from Veribas. Payments shown are principal, interest and estimated property taxes; homeowners insurance, FHA mortgage insurance, VA or FHA assumption fees and HOA dues are extra, so the actual payment will be higher. Down payments assume a second loan at 8.5% over 30 years up to 90% of the price combined; that is an illustration, not a loan offer. The loan servicer (and, for VA loans, the VA) approves every assumption, and the buyer must qualify. VA loans can be assumed by non-veterans, but the seller's VA entitlement stays tied to the loan unless the buyer is a veteran who substitutes theirs. Verify the rate, lender, term and balance with the listing agent before you offer.
Assumable loan homes near Griffin
Assumable loans in Griffin, GA: questions
How many homes for sale in Griffin, GA have an assumable loan?
1 home for sale in Griffin, GA has an FHA, VA or USDA loan a qualified buyer may be able to take over. The list updates as listings change.
What is an assumable loan?
It is the seller's existing mortgage, which a buyer takes over instead of getting a new one. The buyer keeps the seller's interest rate, remaining balance and remaining term. FHA, VA and USDA loans allow this. Most conventional loans do not.
Who can assume an FHA or VA loan?
Any buyer the loan servicer approves. You do not need to be a veteran to assume a VA loan. The servicer checks credit and income much as a new lender would. The process usually takes longer than a new loan, often 45 to 90 days, so plan the closing date around it.
What about the difference between the price and the loan balance?
You pay it at closing, either in cash or with a second mortgage at today's rates. On a $400,000 home with a $280,000 balance, that is $120,000. The blended payment is still often well below a new loan for the whole amount, but run the numbers with a lender first.
What happens to a veteran seller's VA entitlement?
It stays tied to the loan until the loan is paid off, unless the buyer is an eligible veteran who substitutes their own entitlement. That is why some VA sellers prefer a veteran buyer, and why it is worth asking the listing agent up front.
Where do these rates come from?
Three places, labelled on every home: the listing agent's own description, the listing agent marking the home assumable in the MLS, or HUD's public FHA loan records matched to the owner's purchase (shown as a likely FHA loan, which may since have been refinanced). Confirm the rate, balance and the servicer's approval before you make an offer. A Veribas agent can request those details from the listing side for you.
Get the loan details before you offer
A Veribas agent can get the balance, servicer and assumption terms from the listing side. They can also have a lender price the gap, so you know the real monthly payment before you write an offer.