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Updated over 1 year ago on . Most recent reply

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Daniel Pugh
  • Chicago
4
Votes |
17
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Assumable FHA Loan Transaction

Daniel Pugh
  • Chicago
Posted

Hi all - I am currently in discussion with a seller of a 4-flat home in the Chicago area, which I am looking to buy. The seller currently has the property financed through an FHA Loan that is transferrable. I am hoping to get a hold of the loan documents and would love some legal assistance in comprehending the transferability and terms of the loan. If any one is familiar with and/or has experience dealing with such a situation, or may know someone who could help out, I would greatly appreciate the opportunity to connect!

I look forward to any responses!

  • Daniel Pugh
  • Most Popular Reply

    User Stats

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    Brie Schmidt
    • Real Estate Broker
    • Chicago, IL
    5,067
    Votes |
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    Brie Schmidt
    • Real Estate Broker
    • Chicago, IL
    ModeratorReplied

    @Daniel Pugh - FHA loans are assumable, but the lender has to approve it. I have never seen it done before or a lender willing to lose tens of thousands of dollars.

    So in theory it can be done, but it isn't realistic

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