Posted on: 26th Jan, 2010 07:41 pm
I'm looking to assume a friends house through an assumption. He owns an owner occupied 3 family but does not want to be a landlord any longer. He is moving out and moving in with his girlfriend.
I own a 2 family owner occupied which I have owned for only 1 month. I make 1500 per month profit on this property. My friend with the property in question profits 1000 per month.
I want to know if I have a chance in assuming this mortgage with my income,which is not a lot as a senior in college, and if it matters that I have an fha mortgage which I've only had for 1 month but already am turning a profit.
I also want to know if it would be better for my father to put it in his name. He has great credit and owns only 1 home. If he does this can I refi shortly and transfer my name into the property?
Chris
I own a 2 family owner occupied which I have owned for only 1 month. I make 1500 per month profit on this property. My friend with the property in question profits 1000 per month.
I want to know if I have a chance in assuming this mortgage with my income,which is not a lot as a senior in college, and if it matters that I have an fha mortgage which I've only had for 1 month but already am turning a profit.
I also want to know if it would be better for my father to put it in his name. He has great credit and owns only 1 home. If he does this can I refi shortly and transfer my name into the property?
Chris
Hi cneedham,
These days, most of the lenders will not be ready to give you a mortgage if you already have a home loan on one of your property. I would suggest you to speak to the lender and check out if he's ready to give you a loan despite the fact that you've a mortgage on your earlier property.
Thanks
These days, most of the lenders will not be ready to give you a mortgage if you already have a home loan on one of your property. I would suggest you to speak to the lender and check out if he's ready to give you a loan despite the fact that you've a mortgage on your earlier property.
Thanks
as a college senior with a month's worth of mortgage history, you won't be recognized as a particularly good risk by a new lender as you seek to become an investor in the property you mentioned. i think you'll have no luck at this time obtaining a new mortgage.
as for your father, i presume you and he have had this discussion already. his situation would, we have to presume, be far more stable than yours. but you ask about transferring title and refinancing. that's going to take some time.
best for you to graduate, get a reasonable job paying a reasonable wage, keep your payments up-to-date on the existing mortgage that you have and try again in a year or more.
as for your father, i presume you and he have had this discussion already. his situation would, we have to presume, be far more stable than yours. but you ask about transferring title and refinancing. that's going to take some time.
best for you to graduate, get a reasonable job paying a reasonable wage, keep your payments up-to-date on the existing mortgage that you have and try again in a year or more.
Your right about that, that seems like the best plan of action for myself. Only thing is, my friend wants out fast and has agreed to give it to myself or my father. It's a fntastic investment property, good rents, beautiful house. My father has agreed to go in on it with me so possibly that is a good plan of action and later on down the line we could transfer title.
I guess this question has turned into this....
With GMAC can a non FHA qualifying buyer assume an FHA assumable loan?
I guess this question has turned into this....
With GMAC can a non FHA qualifying buyer assume an FHA assumable loan?
i don't know the answer to that question, i'm afraid. but my initial thought is that if you don't qualify for an fha loan you wouldn't qualify to assume. your best bet is to ask them directly.