Can You Assume a 3.25% FHA Mortgage? A Minneapolis Condo Example
Posted by Mike Seebinger on
Can You Assume a 3.25% FHA Mortgage? A Minneapolis Condo Example
When people talk about buying a home, most assume they'll need to take out a brand-new mortgage at whatever interest rates are available today. But there's another possibility that doesn't get nearly as much attention: assuming the seller's existing mortgage.
I'm currently representing a condominium at Summit House in Minneapolis where the seller has an existing FHA mortgage with a 3.25% interest rate. And importantly, Rocket Mortgage has verbally confirmed to the seller that the loan is assumable by a qualified buyer.
With mortgage rates substantially higher than 3.25% in recent years, it's worth taking a closer look at how an assumable mortgage works, what a buyer might…
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