A buyer is purchasing property from a seller. The seller bought the property on December 20, 1999, with an FHA loan and has lived there ever since. Because of its favorable terms, the buyer would like to assume the seller's mortgage. Is this possible?

Question

Social Studies

Lawson Keith

27 October, 22:32

A buyer is purchasing property from a seller. The seller bought the property on December 20, 1999, with an FHA loan and has lived there ever since. Because of its favorable terms, the buyer would like to assume the seller's mortgage. Is this possible?

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Answers (1)

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Honeybun · Answer 1

yes, but the buyer will have to undergo the complete buyer qualification process

Explanation:

The buyer can be absolutely assumed to the mortgage of the seller. But there is a condition that the buyer has to complete and qualify the buyer qualification process.

Buyer qualification process:-

The qualifying process is done in order to sort out the needs of the buyer from the wants and also relate the buying power of the buyer to available housing stock.

Thus, it measure the capability of the buyer so to purchase a property,