Finding a home with an assumable mortgage can be challenging, but there are some helpful tips to simplify the process. Other home finders now offer an “assumable loan” search filter, making it easier for buyers to locate properties with this feature. Also, focusing the search near military bases can increase the chances of finding assumable mortgages, as these areas often have a higher share of VA loans, which are assumable. However, getting an assumable mortgage can be difficult due to limited lender incentives and unfamiliarity with the process. It’s important to note that not all loans are assumable, and caution is advised in certain situations, such as when the asking price significantly exceeds the mortgage balance or when a seller with an assumable VA loan needs to retain their VA benefit.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
