Looking for a non qualifying assumable loan?

I am looking for a non qualifying low down payment ($2000-3000$) assumable loan in Richmond Va. If you are about to go into foreclosure I would love to take over payments to save your credit. I am looking for a 3+ bedroom home for my family of 5 with payments 1000 or less a month.

Update:

Well I found a listing on craigslist for no credit check, no downpayment for assuming loans. I can't find the ad now though.

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  • 1 decade ago
    Best Answer

    Brother, any mortgage is an assumable mortgage. I know what people are going to sale... "due on sale clause". If the deed changes hands, then the due on sale clause will be enacted.

    Well, technically this is true. The reality is... how often do you think banks check to see if a deed has changed hands? They have better things to do, like make more loans. And even if they did check - do you really think they are going to enact the due on sale clause on a performing mortgage??? Especially not in this market.

    Try this - make offers on properties you like "subject to" the existing financing. A local title company which specializes in investor deals can tell you more, or find a realtor which is knowledgeable about buying property in this fashion. They can tell you a couple of ways to due this, either assume the loan, or do a wrap around mortgage.

    Source(s): Professional Real Estate Investor
  • 4 years ago

    I may work like a scam. Years ago these were used a lot - the owner could sell you the house and you take over his loan with no approval from the mortgage company. If you defaulted, the previous owner would be left owing the balance of the loan. Mortgage companies stopped making these loans because of the many problems that arose due to this. I seriously doubt if you actually have one of these. If someone is trying to sell you a house and telling you it is assumable, he is probably lying and you will end up with the loan being called due and unable to re-fi. Be careful - verrrrrry verrrry careful.

  • 1 decade ago

    I don't think they have had non qualifying assumables since the 70s.

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