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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.
