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Updated over 4 years ago on . Most recent reply
Assuming FHA Mortgage as Investor
I planned to assume the FHA Mortgage and then rent it out. Going through the paperwork from Chase it says Investors are unable to assume FHA mortgages or it will be accelerated and the total amount will be due. Can I assume the mortgage and then refinance right away to a conventional loan to avoid any headache and heartache?
Most Popular Reply
Originally posted by @Jared Miller:
I planned to assume the FHA Mortgage and then rent it out. Going through the paperwork from Chase it says Investors are unable to assume FHA mortgages or it will be accelerated and the total amount will be due. Can I assume the mortgage and then refinance right away to a conventional loan to avoid any headache and heartache?
Investors cannot assume FHA mortgages. Why don't you just buy the property? Your offer is just the loan payoff and you cover closing costs. Then you have conventional financing from day one.