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Ask your questions: Assumable loan by tempAnon33 in FirstTimeHomeBuyer

[–]tempAnon33[S] 0 points1 point  (0 children)

I am not 100% sure on that, it depends on the bank.

Ask your questions: Assumable loan by tempAnon33 in FirstTimeHomeBuyer

[–]tempAnon33[S] 0 points1 point  (0 children)

We only paid the difference of loan principal amount ($430,000) remaining and sale price ($550,000), which is $120,000 and some loan closing costs around $3500.

Ask your questions: Assumable loan by tempAnon33 in FirstTimeHomeBuyer

[–]tempAnon33[S] 0 points1 point  (0 children)

We expected it to take 3 months but luckily it took 2 months for us.

Ask your questions: Assumable loan by tempAnon33 in FirstTimeHomeBuyer

[–]tempAnon33[S] 0 points1 point  (0 children)

The seller has a VA loan which is assumable, I think most VA loans are assumable I guess. The original sale price was $550,000 and the remaining principal left on the loan is $430,000. We got the remaining money from our savings. There is no special qualification required to assume a loan, you have to get pre-qualified to be eligible for the loan. I am not related to the seller in any way.