Is assuming an FHA loan doable?

[Mike Terranova]

I’m meeting with a prospect this weekend who is offering an assumable mortgage. I can’t find anyone locally who is familiar with this strategy, however, I’ve spoken to my RE attorney and he says it’s doable.

Details I know:

1) FHA Loan at 4.25% with 22 years remaining.

2) $136,000 remain in loan payoff.

3) Home will appraise around $190,000 in current condition.

4) Current monthly payment is $1,100.

My current goal is to build long term rental holds. Does anyone else see another strategy that makes more sense with this scenario? Has anyone done an assumable mortgage recently?

Thanks so much for any insight!