Assumable Mortgage Chicago Multifamily

[Michael Pienkowski]

Hello All,
I'm on my second house hack in Chicago. My first was a 2 unit with an FHA and my second was a 4 unit with my VA. I have no entitlement left on my VA.

I was a bit interested in Assumable a loan for a property and know about most of the details, as well as bringing extra money to the table, I just wasn't sure if I would be able to assume an FHA or VA loan if I already have both and the VA entitlement was already maxed out.

[Brie Schmidt]

Quote from @Michael Pienkowski:

Hello All,
I'm on my second house hack in Chicago. My first was a 2 unit with an FHA and my second was a 4 unit with my VA. I have no entitlement left on my VA.

I was a bit interested in Assumable a loan for a property and know about most of the details, as well as bringing extra money to the table, I just wasn't sure if I would be able to assume an FHA or VA loan if I already have both and the VA entitlement was already maxed out.

No to FHA and maybe to VA. VA loans can be assumed by a non-VA buyer IF the original note holder is willing to forgo their entitlement until the loan is paid off. I have only seen it once where the seller was 80 and moving to a assisted living facility so he did not care about using his entitlement again.

You can also do the 5% down program up to 10 times