Assumable Mortgages

Kiddie condo

  • Offers a better interest rate, and lower down payment 

  • Kid needs a credit score and needs to be 18

When reaching out to clients find out what they like and send them things in that category

Ex: if someone likes outdoor activities send them links about outdoors stuff or get them a monthly subscription to something with 20 dollars

Assumable loans

  • Why request and assumption

    • Purchase of property with fixed interest rate

    • Death

    • Divorce

    • Executor of estate 

  • Requirements 

    • Affordability

    • Assumption fee

    • Credit reporting

    • Note holder

VA: 

  • If non vet the original vet entitlement will not be restored

  • Must qualify with credit worthiness

  • Depending on the loan servicer can take 60-120 days

  • VA assumer must pay a VA funding fee of .50% of loan balance. It cannot be financed

USDA: 

  • When most buyers assume a USDA generally issue new terms which could include a new rate

FHA:

  • Must quality with credit worthiness 

  • Depending on the loan servicer can take 60-120 days

Phoenix Metro

  • Listing count is up

  • Average dollar per sqft is down