Assumable Mortgage Louisville, KY
Assumable Mortgage Louisville, KY - Discover Your Government - GovGuru.com


An Kentucky assumable mortgage is an arrangement in which an outstanding mortgage and its terms are transferred from the current owner to a buyer.
When interest rates rise, an assumable mortgage is attractive to a buyer who takes on an existing loan with a lower rate. For example if the current home buyer has a 3% rate, and the current market rate is 7%, the seller of the home can have the buyer assume their mortgage in order to qualify for a lower mortgage payment, but if there is a difference in the sales price and the mortgage amount being assumed, the buyer must come up with the difference hence most of the time this is not a viable option for Kentucky Homebuyers looking to assume a mortgage at a lower rate.
Kentucky USDA, FHA, and VA loans are assumable when certain criteria are met.
Buyers must still qualify for the mortgage to assume it.
Conventional Loans are not assumable.

Kentucky VA Homes for Sale- Kentucky VA Assumable Mortgages.