I am buying a house with an FHA Assumable Mortgage and I need a 2nd mortgage lendor

[Kyle Rucker]

Hi All,

We have recently moved to the Springfield/Branson area and are just under contract on a home with an FHA assumable mortgage. It is 2.875% and so very attractive. That loan is for $309,000 and the house is under contract for $490000. I need a second mortgage to cover most or all of the rest.

  Being new, we do not know any mortgage agents and need one who can navigate this for us.  Does anyone know any local banks who would do this?  Or a loan officer who can help get this done?

I'm hoping there is someone here in the Bigger Pockets family who can help us out.

Kyle

[Erik Estrada]

You are better off buying this as a normal purchase or getting cash to cover the rest of the purchase. It will be difficult finding a second position lender on a primary purchase (IF THEY EXIST AT ALL). And if it exists, the rate on a second will be much higher than a first.