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Updated 7 months ago, 05/28/2024
Trying to Assume Someone's FHA Loan but NOT planning to live there
To all my creative finance aficionados, I have a situation...
I have a potential off-market deal in my hometown of Pittsburgh. A woman is moving out of her home but has only owner it for about 2 years. She doesn't want to list it and sell it traditionally because of fees.
She is offering a deal to assume the loan, and it is assumable, but the problem is, it's FHA. They require the person assuming the loan to live there.
Anyone have any ideas on how I can get this deal done with low / no money down?
Thanks!