October 18, 2022 I keep getting the same question, can my buyer assume the loan and rate the seller has? The answer is generally no, but there are a few exceptions. FHA will allow an assumption with a full underwrite by the assumption department, which will take 30-60-90 days, so good luck! VA will allow a Veteran with prior approval by VA to assume a loan at the same rate. Unfortunately, most Vets want to do 0 down, so this is not usually a good scenario! Conventional Variable rate mortgages are sometimes assumable because the rates are variable, and the lender will not get stuck giving you a 2.5% rate when the market is at 7%. So you are thinking I burst your bubble today? Your bubble would explode, and I just saved you some time. LOL! Rates were better yesterday, and they are looking better today too! Lots of news is moving the markets, but there is no specific reason for the rate movement. 30-year Government Loans (FHA / VA) is in the 6’s. Conventional Loans up to $715,000.00 - 6’s and 7’s High Balance Loans $715,001.00-$ 1,072,500.00 are in the 6’s and 7's Jumbo loans above $1,072,500 are in the 6’s and 7’s 5/1, 7/1, 10/1 Arms are in the 5’s and 6’s Bank statement loans - They are available with 10% down again! 7’s + depending on down and credit score. Stated income loans – I have one bank with 30% down, but everything else has to be perfect! Interest rates are in the high 7’s - low 8’s. 0 down loans are in the high 7’s to low 8’s- 620 credit score min right now! Mid 6’s, for the most part, up to $735,000.00. Private Money lenders - hard Money Loans – 35% down! No Ratio Loans 30% down Debt Service Coverage loans with as little as 25% down Bridge Loans - are typically 7.49% with limited fees – But they get you where you need to go! Interest rates are subject to change without notice! Above are LA County Loan Limits. I will be around all week if you have any questions or if someone interested in buying a property! My cell is (661) 714-6258, and my office line is (661) 260-2970 xt. 2222. Please text me at (661) 714-6258 or email me at Mike@AugustaFinancial.com. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow! Mike Meena President | Loan Officer Click to Call or Text: (661) 714-6258 This entry has 0 replies Comments are closed.