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Frequently Asked Questions

Are FHA loans assumable?

An assumable mortgage allows homebuyers to take over a seller’s mortgage, including the rate, repayment period, current principal balance and other loan terms. Currently only government backed loan options allow assumable mortgages - conventional loans are typically not assumable.

The primary advantage to assuming a mortgage is securing a lower interest rate rather than applying for a new loan when rates are higher. Often assuming an existing mortgage is less costly for the buyer than obtaining a new loan.

Buyers will still need to meet all of the lender and FHA’s requirements before assumption is permitted.

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