2nd Mortgage Options?

Real Estate Broker/Owner with Carousel Realty of Dyer County Tn 248435000

I keep trying to figure out how to harness the low interest rate assumable loans that my current sellers have locked in place(they want to sell)  but new mortgage rates are very high in relation. I believe many or most government backed mortgages like FHA, VA and perhaps others are assumable by qualified buyers.

Unless the new buyer has lots of cash on hand how can they assume the 1st mortgage and cover the equity in listed price?

Sorry if you are reading to get that answer but perhaps someone else will share in the comments!

Comments (4)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mike, I actually have those the very same thing.  Unless the buyer assumes the loan, and obtains another new loan for the rest of the money owed?   I haven't ever done an assumable.

Oct 12, 2023 02:17 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Mike- I don't have an answer but I'll bet if you asked this in the Q&A you'd get some answers. 

Oct 12, 2023 07:26 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Mike Frazier  good to see you posting it has been a while since you posted, welcome back, Endre

Oct 12, 2023 10:28 PM
Roy Kelley
Retired - Gaithersburg, MD

Obtaining an attractive second mortgage for a home buyer can be a challenge.

Have a productive fall.

Oct 26, 2023 05:37 AM