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    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.
            • 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).