How to Assume an FHA Loan: Insider Tips from a Buyer & Broker скачать в хорошем качестве

How to Assume an FHA Loan: Insider Tips from a Buyer & Broker

Have any questions or want to talk about a loan? Let's chat! Schedule a call: https://calendly.com/juleef/let-s-say-hi 📞Text or call 📞: 503-799-3711 To apply: https://rate.com/juleef Lending wherever you want to call “home” 🏠❤️ -- in all 50 states. In this video: 00:00 Introductions - Sam just assumed an FHA loan 00:46 How did Sam find the property? 02:03 What the listing said that caught his eye? 02:46 Is this just for first time buyers? 03:26 The importance of flexibility and patience 04:25 The price and down payment - note: Sam’s an investor 05:37 Down payment requirements for an FHA assumption 07:11 Biggest difference between an FHA assumption vs getting a new loan 08:11 Loan amount and interest rate Sam assumed - 2.625%! 09:43 Was there an appraisal? 10:20 Would Sam have purchased the property without the FHA assumption? 11:27 Let’s talk about the process! 12:54 Lack of urgency, lack of transparency, repeated 13:33 Framing the challenges - traditional lender versus loan servicer 16:03 Timelines - 3 to 4 months 16:33 Starting the FHA assumption process - communication between the lender, buyer and seller 17:03 Communication with the lender, required paperwork 18:03 Comparing the traditional loan process with an assumption 18:43 Actual timeline versus quoted expectations 19:17 Realtor Michael’s perspective on communication 19:58 Writing the offer with an FHA assumption 20:23 Lack of communication from lender to real estate agent 20:54 Buyer had to do all the work 21:35 Lack of control over the FHA assumption process 22:03 No loan officer to drive the process forward 23:03 The buyer has to be their own loan officer 23:23 Mantra, as things lagged: “It’s worth it” 24:07 The FHA assumption closing process - pretty normal 27:09 Timeline: FHA assumptions versus traditional mortgages 28:37 Seller has to be patient too! 29:46 Unusual aspect of Sam’s purchase: seller was collecting rent 30:21 Will a typical seller be okay with a long closing? 31:18 Competing offers - FHA assumption vs. regular loan vs. cash 32:08 Ingredients for success - patient seller, no other offer 32:55 Did Sam pay a premium for the property? 34:03 Sam’s monthly savings due to the low rate 34:26 Ingredients for success - capacity to pay a down payment 35:37 Borrowing a down payment erodes the benefit of the low rate 36:19 Michael’s advice - searching for FHA assumptions for buyers 37:50 Why odds are lower for an owner-occupied buyers 38:32 When the long timeline can be a positive - buying with a contingency for selling another home 39:23 Sam’s advice - be patient, but it’s worth it! 39:55 Michael shares more from the broker’s perspective 41:48 “An abundance of patience” / “It’ll seem like you’re being jerked around” 42:35 Lack of communication drives Michael to the Dark Side 43:57 Timeline for the contract 45:15 FHA assumptions are rare 46:04 Parting advice from Michael, as a broker #FHAassumption #AssumeALoan #fha Julee Felsman, SVP of Mortgage Lending NMLS 120831 Guaranteed Rate Inc NMLS 2611 Equal Housing Lender. www.nmlsconsumeraccess.org www.rate.com/licensing www.rate.com/privacy Branch address: 1300 SE Stark St Ste 111, Portland, OR 97214 State Licenses: AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673 Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency. Savings, if any, vary based on consumer's credit profile, interest rate availability, and other factors. Contact Guaranteed Rate for current rates. Restrictions apply.