Post a new topic
    3 Replies Latest reply on Jan 12, 2008 6:34 PM by Lighthouse24

    non-qualifying loan

    giorgioa Wayfarer
      How does one know if they have a non-qualifying loan. meaning if i have a buyer who would like to buy a property. they don't have to qualify for a mortgage. they can just assume a mortgage.
        • Re: non-qualifying loan
          LUCKIEST Guide
          non-qualifying loan Do not understand the question. Tell us more
          No Documentation or non qualifying home loans are a simple solution in
          today's market. There are a suite of
          programs collectively referred to as No Documentation
          loans. These non qualifying home loans assist borrowers
          obtain mortgage
          financing when their income, employment or assets are
          difficult to verify.
          LUCKIEST
            • Re: non-qualifying loan
              giorgioa Wayfarer

              hi i read this article about this guy who wanted to buy a home but had very poor credit. So his friend said that he could still buy. They found a home that was for sale that had a non-qualifing loan. It basically said that he could buy this home by just assumeing the sellers first mortgage. He did have to qualify for a new mortgage. He just took over the sellers existing mortgage. The example was that the house sold for $80,000 and the sellers mortgage was for $73,000. So he took over his mortgage wich was a non-qualifing loan and paid the seller $7,000.
            • Re: non-qualifying loan
              Lighthouse24 Ranger

              Check with the lender that holds the mortgage -- they put together an "assumption package" for a home that is going on the market to explain the conditions of an assumable loan to potential buyers (including whether or not the buyer has to qualify).