How to Assume a Loan: Benefits of Assuming a Loan in 2023 and Beyond
Most home loans are assumable. Home buyers historically have not tried to assume a loan, since interest rates have been trending down since the early 1980s. But with mortgage rates peaking in 2022 above 7% and possibly increasing in 2023 many people have decided to seek out a loan assumption.
VA and FHA loans are generally assumable, but also conventional and even jumbo loans can be assumed. Please talk to you local real estate agent and mortgage broker when making an offer and asking to see properties where the sellers are offering their loan as an assumption.