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Updated over 6 years ago on . Most recent reply

Eric Davenport's profile image
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Eric Davenport
  • from Taylor Mill, Kentucky
  • Member since Oct 21, 2017
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Eric Davenport's profile image
Eric Davenport's profile image
Eric Davenport
  • from Taylor Mill, Kentucky
  • Member since Oct 21, 2017
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Eric Davenport
  • Taylor Mill, KY
16
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Buying & Selling Real Estate

Is mortgage assumption still possible?

Eric Davenport
  • Taylor Mill, KY
Posted

Hey Everyone! 

I know that mortgage assumptions do not really exist anymore other than certain circumstances like FHA/VA/USDA loans.

But if the owner has a conventional loan at a local bank, in a small town, and a good relationship with the bank, can exceptions be made as long as there are no stated probitions of assumptions in the mortgage? Is this something a small local bank can work with, or are assumptions for sure not an option?

Thank you all!

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Russell Brazil
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Russell Brazil's profile image
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Russell Brazil
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Russell Brazil
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ModeratorReplied

If it is a conventional loan, no.  The loan, while being serviced by the local bank is likely owned by Fannie Mae/Freddie Mac and is carved up into multiple mortgage bonds

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