6 Hacks to Get Around Sky-High Mortgage Rates – MoneyNovember 16, 2022
“If you're a homebuyer shopping right now, you'll need to ask your lender for help finding out whether the seller of any home you're interested in has an FHA, VA or USDA loan,” says Jeff Taylor, co-founder and managing director at mortgage tech platform Mphasis Digital Risk. “If the seller's loan is assumable, you'll need to see if the rate and loan amount match your desired budget and down payment.”
If it does, you’ll work with the existing loan servicer to take over the loan. They’ll verify that you meet the requirements of the loan program (like being a military member or veteran for a VA loan) and that you have the financial qualifications to cover the payments.