AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question hi my question is can i buy home from somebody like this
the guy who sales house has 30 fixed rate at 5.5 an i or is there any way that he can transfer the loan how it is right now with him to me and i take over his payments same as is he pays and of course i would pay him the difference in cash that he is asking for home is that possible to do or not ?
Answer No, you cannot take over the loan or transfer the loan, unless he has an assumable mortgage right now. What you can do is buy it on land contract for a set period and then finance the loan yourself, but if you do this, make sure you have the land contract filed with the land office in your area. This protects you from the owner taking anymore loans out against the property.
I have a question though; why can't you just buy it now for yourself? The interests rates are good, they are not 5.5% agreed, but if you have decent credit, you may qualify for a 100% purchase with no mortgage insurance. Let me know if this answered your question, or if you'd like to talk about doing a purchase of said property.
