How to Find Homes for Sale with an Assumable Mortgage

Buying a home in the United States is very challenging given that housing affordability is close to an all-time record low due to the increase in home prices and mortgage rates over the past several years.
In today’s video, I discuss what’s an assumable mortgage and how to find a home for sale in which the homebuyer may be able to assume the homeowner’s low mortgage interest rate. In other words, if a homeowner has a low interest rate that can be assumable by a home buyer then how does one take advantage of that, how can you find a home for sale with an assumable mortgage and lastly, what are the pros and cons of an assumable loan mortgage
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Compilation of Housing Market Forecast videos:
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Reports I shared:
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed mortgage rate is around 7% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).
#housingmarket #interestrates #mortgagerates

[@afsharlady]

Excellent info! I did a search for Idaho (the whole state) and there were 70! Searched Walla Walla, WA, only 1.

[@JasonWalter1]

Oh wow! Thank you very much for searching and for sharing! Anyone else look in their area?

[@civicsport702]

Love this info, but trying to find a way to come up with the cash difference 😁

[@JamYezzle]

For VA loans, Veterans or service members do not pay PNI. Thanks for all you do.

[@Chew5219]

Low interest fixed debt is the asset.

[@JasonWalter1]

Yep!

[@harshivamatcha3114]

Excellent info, thank you for explaining!

[@JasonWalter1]

Glad it was helpful!

[@renelopez2244]

Jason and the Energizer Bunny. They keep going and going.... Fantastic information

[@JasonWalter1]

Thank you, Rene! I appreciate you.

[@veronicallamas9333]

I’m so happy we qualify for a va loan plus we just sold our house so I’ll check it again. I searched previously with not much success. I don’t think many sellers even know about this option because we ourselves could have offered it when we sold our home but didn’t know about it.

[@JasonWalter1]

I also believe many agents and homeowners aren't aware of this either. That's one of the reasons I made the video :)

[@veronicallamas9333]

@@JasonWalter1 appreciate you and thank you!

[@natalya7356]

Very informative!

[@JasonWalter1]

Glad you think so! Thank you for watching.

[@sheepman6291]

This video is gold. My wife and I loved it. Thank you.

[@JasonWalter1]

Glad to hear it! Thank you!

[@theonerealestatesecret]

Found several looking around.

[@user-bl5dv2es5j]

This could be a great way for someone with a big down payment available to take advantage of someone's much lower rate/payment. Only problem is, will the seller be willing to play ball.

[@RLTango]

Thank you for the research and content! Looks like a Golden Goose for someone, but not everyone.

[@JasonWalter1]

My pleasure! Thank you for watching the video!

[@MehrinShahed]

I found only one in OC! Wondering if realtors can find (on MLS) which for sale houses are on FHA loan.

[@renelopez2244]

Good morning

[@JasonWalter1]

Morning!

[@Steverz32]

Happy Thursday Jason

[@JasonWalter1]

Sand to you Steve!

[@Steverz32]

@@JasonWalter1someone is thinking about the beach 🏝️ 🤣😂🤣

[@JasonWalter1]

@@Steverz32 haha! That was pre-coffee *same

[@nadruik9890]

Jason, thanks for the Assumable walk through. Do you know if property taxes are refigured on the new sell price or do you get to keep their taxes as well?

[@JasonWalter1]

Good question. Property taxes would be based upon the new sales price (i.e. how much the buyer pays for the house).

[@nadruik9890]

@@JasonWalter1 thanks Jason, I figured that is probably the case as well but video made me curious about that and PMI

[@ryanwalthuis1928]

I was thinking of assuming a mortgage and getting a loan for the equity then renting the place for a few years while i live cheap and pay down the loan. do you think that would work? i figure after assuming the mortgage and taking on the loan you could rent for the total loan value of both and then pay aggressively and eventually move in. delayed gratification.

[@brandonpenton5626]

Seems like the biggest issue is that some realtors are unfamiliar or do not inform their clients of their loan being assumable. I sold my assumable house a year ago and we did not have assumable in our listing description. Do you think cold calling listings is the best way to find assumable mortgages if it is not stated in the listing?

[@seadradraggs]

Thanks for this information! The question I have is if you were assuming a mortgage and are paying the sale/current balance difference out of pocket, would that mean the lender has made double the paid off amout under "one" mortgage?

[@TheDankrista]

No. The excess is going into the sellers pocket. And the terms of the original loan stay in effect. For instance if there are only 25 years remaining on the 30 year loan, you only need to make payments for the remaining 25 years.

[@jomomma1072]

I found 3 homes today that were assumable. The one we were interested in was 459k. 300 plus owed at 2.375% interest. Before I called my agent I read that va loans could be taken over by non-va buyers. It turns out out this seller is looking for a buyer with their va certificate so the seller can buy another home using theirs. So basically from what I learned today and from watching your video, this seller is looking for a veteran who has 100 plus k to put down and can use their Va certificate to assume the loan. Va loans are usually beneficial for veterans with little or no money down right? Is it just going to sit on the market?

[@supremeaction9026]

I just got in contact with a realtor. There is a home at 3% rate w/ $2400 monthly owing 400k left. Down payment required is 235k. I’m 10k short. And would have 0 money saved. Seems like a great opportunity tho.

[@JasonWalter1]

Zero money left? Great rate but I wouldn't buy unless you're able to still have an emergency fund.

[@TheDankrista]

Ask the listing agent to represent you and credit you 1% towards closing costs

[@Balbirsingh-rs4wz]

0 in Hayward

[@JasonWalter1]

Thank you for sharing and looking.

[@House_hacker_619]

You need to widen your search don’t just stick to one area

[@rzhang70]

Is there any restriction who can assume an FHA loan?

[@JasonWalter1]

The lender has to approve of the assumption and the buyer still has to get a loan approved by the seller's lender.

[@Steverz32]

1😊

[@JasonWalter1]

😀🏡

[@shaanproms2101]

It's not gonna work. Coz, the current listing prices of the homes are 100% over the original loan, now you got to pay the difference which would depends on the listed price 😂 if we had such bigger pockets why wouldn't we buyit before COVID.

[@Donkiko-bz1lv]

What if the seller homeowner has a 10% mortgage 😂 I rather have a 7%

[@edwinjacks]

This is bs . I thought i would get an assumable home at the cost that was owed. You might as well just get a fresh home n loan. That just just blew me. So no benefit ftom assuming a loan

[@supremeaction9026]

Except for having a rate 3-4% lower. Which we won’t see this decade.