-    One of the only loan types where you can assume or "take over" the loan from the current owner

-    Two main purposes of assumable loans

1.) To keep the same interest rate that the current owner has

2.) To Speed up the sales process, and make a more attractive sale

-    Can you sell the home w/ assumption and raise the loan amount?

NO. The home must be assumed at the current loan balance

-    Release of Liability

1.) Current Owner is removed from the loan

2.) New owner must qualify for the loan on their own, to obtain the current interest rate

3.) Buyer must qualify with the lender currently holding the note

-Great Selling Feature when Interest Rates increase

Chet Hileman

636-447-2211-Office

636-447-2331-Fax

636-541-2165-Cell