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Updated over 10 years ago on . Most recent reply

Joel Cummings's profile image
Joel Cummings's profile image
Joel Cummings
  • Rental Property Investor
  • from Spokane Valley WA
  • Member since Feb 24, 2009
  • Posts 59
  • Votes 21
  • Experience 10 Yrs
  • Investments 8
Connect

User Stats

59
Posts
21
Votes
Joel Cummings's profile image
Joel Cummings's profile image
Joel Cummings
  • Rental Property Investor
  • from Spokane Valley WA
  • Member since Feb 24, 2009
  • Posts 59
  • Votes 21
  • Experience 10 Yrs
  • Investments 8
Connect
Joel Cummings
  • Rental Property Investor
  • Spokane Valley WA
21
Votes |
59
Posts
Buying & Selling Real Estate

Loan Assumptions

Joel Cummings
  • Rental Property Investor
  • Spokane Valley WA
Posted

Is there anyone who has experience with the rules regarding Loan Assumptions? I was told by Bank of America that all loan assumptions have to be occupied by an owner occupant within 12 months.  Would this mean that if I sold the house before the 12 months I would not be required to live in it? I have a deal that would work if I could assume the loan and lease option it to a buyer already in hand.  Any thoughts appreciated.

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