Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA
7 days ago
An assumable mortgage is when a buyer takes over a seller’s existing home loan — including the interest rate, remaining balance, loan term, and monthly payment.
But here’s the catch:
Only FHA, VA, and USDA loans are assumable.
Conventional loans are not assumable because of due-on-sale clauses.
So already, about 75% of Kentucky listings won’t qualify.
But here’s the catch:
Only FHA, VA, and USDA loans are assumable.
Conventional loans are not assumable because of due-on-sale clauses.
So already, about 75% of Kentucky listings won’t qualify.
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