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Updated about 10 years ago on . Most recent reply
FHA Loan Assumption for Purchase of Townhouse
I'm working on a deal to purchase a well maintained 2 Bedroom, 1 1/2 Bath 2 story townhouse in an excellent location using an assumption of an existing FHA loan. Loan balance is $108,000 which is the Market Value of the townhouse. The monthly note is $667 including taxes and insurance. Rental rates for the area range from $950 - $1100/month.
Is this a good deal?
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
You won't be allowed to "assume" the loan unless you plan on occupying it, along with qualifying for the loan.