FAQ's

How do I know that my home qualifies?

That’s where we come in. All we need is your loan number and we can contact your mortgage servicer and ask all necessary questions to ensure there won’t be any roadblocks in getting your home sold (don’t worry, they don’t release any of your personal information, it just allows us to identify your loan to ask questions). Not every situation is the same, so it is important to have a team with experience in handling these types of transactions so you don’t encounter any surprises along the way.

How does the down payment differ from a traditional mortgage?

The buyer has to make up the difference between the current balance on the mortgage and the current value of the home. For example, if the seller has a remaining $300k balance on their mortgage, and the house is valued at $450k, the buyer needs to have $150k to put down or take out a second loan with your mortgage servicer to cover the difference (at current interest rates).

Does it have to be a Buyer’s Primary Residence to Assume the Loan?

To qualify for the property, per the United States Department of Housing and Urban Development, you must have intent to reside at the property for a minimum of one year. This means you must live in the home for more than six months out of the year.

Is there an additional fee for using Assumable Homes?

There is no additional fee beyond the negotiated upon commission rate between you and your realtor. Other companies charge additional percentages to facilitate the process but Assumable Homes does not charge anything extra.