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Can i sell my fha bome keep the money and have new buyers assume my monthly note?

by Sherri_996_438 from Mansura, Louisiana. May 31st 2013 Reply


Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

Sort of. If you are selling the home for $200,000 and the buyers are willing to assume your $150,000 note, then they are giving you only $50,000 in cash. We would call this the down payment. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 1st 2013
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Ray Hazucka (r.hazucka@mybbmc.com)
#65 ranked lender in Illinois - 36 contributions

Yes you could, the potential purchasers would have to complete some paperwork in order to do so.

May 31st 2013
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Tim Howard (TimHoward)
#74 ranked lender in Ohio - 52 contributions

Sherri, the buyer can assume your FHA note, as long as they qualify. If you're selling the home for more than you owe then yes you would be paid the DIFFERENCE at closing. You cannot however sell your house and be paid the full sales price and also have the buyer assume the note, the buyer would essentially be paying double which would never fly. Just trying to be specific as possible as you have asked this question several times over the last few weeks. Again, the amount you can be paid will be the difference of the sales price and what you currently owe i.e. Sales Price $150k vs Current Mortgage $125k= $25,000 to you. Hope this helps.

May 31st 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes. Just have them qualify to assume the loan at one price and keep the difference betweent that and the payoff.

May 31st 2013
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Steven Cook (stcookmortgage@gmail.com)
#40 ranked lender in Washington - 256 contributions

Sherri -- to clarify Tim's answer a bit more. If your home is worth $150,000 (using Tim's numbers) and your mortgage balance is $125,000, there is an obvious $25,000 difference. However, you may have to pay seller's fees to a real estate agent for finding the buyer who can assume your mortgage. If the rate for that is about 6%, then you would have about $9,000. in costs there, as well as any other fees normally paid by the seller in your area (a couple may not be needed with an assumption). So in this case you are probably looking at netting about $10-15,000. The best way to determine what the real numbers would be is to talk to a local real estate agent.If you should get someone to assume this loan, then when you go to buy in Florida, you would NOT be able to use FHA to purchase the new home, so would have to go conventional (which we had suggested in previous posts).

May 31st 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

Yes you can, FHA loans are assumable. Assuming you are selling it for more than you owe. The buyers would pay you the difference of what you are selling the home for and what you owe less any fees you may incur.

May 31st 2013
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

Yes... sort of. Lets assume your home is worth $100,000, and you owe $60,000. The new buyer can assume your $60,000 loan. But of course you are selling it to them for $100,000. Therefore they need $40,000 cash to make the deal work. After expenses (Realtor, selling costs), you can keep the balance of the $40,000.

Jun 1st 2013
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