Determine mortgage type on MLS

[RJRinFL]

What is the name of your state? Florida

Is there a way a Realtor can build a list of possible homes to view based on mortgage type? I'd like to try to find homes having an assumable VA mortgage, possibly to get an earlier, lower interest. I have no way of knowing if that's an item on the real MLS.

 

[Zigner]

What is the name of your state? Florida

Is there a way a Realtor can build a list of possible homes to view based on mortgage type? I'd like to try to find homes having an assumable VA mortgage, possibly to get an earlier, lower interest. I have no way of knowing if that's an item on the real MLS.

Yours is not a legal question. You may wish to reach out to a Realtor.

 

[Just Blue]

What is the name of your state? Florida

Is there a way a Realtor can build a list of possible homes to view based on mortgage type? I'd like to try to find homes having an assumable VA mortgage, possibly to get an earlier, lower interest. I have no way of knowing if that's an item on the real MLS.

Call a local realtor and ask them.

 

[quincy]

What is the name of your state? Florida

Is there a way a Realtor can build a list of possible homes to view based on mortgage type? I'd like to try to find homes having an assumable VA mortgage, possibly to get an earlier, lower interest. I have no way of knowing if that's an item on the real MLS.

The MLS generally lists the types of sales accepted by the seller (i.e., cash, conventional, land contract, VA/VA assumable).

Because house turnover can be quick, any list compiled could be outdated rapidly. It can be better to have a Realtor search for homes for you that meet your criteria and desired price range.

While assuming a VA mortgage is possible, the lender must approve any assumption.

 

[adjusterjack]

I'd like to try to find homes having an assumable VA mortgage, possibly to get an earlier, lower interest.

You might think that's a good idea, but it may severely limit the availability of homes for you.

1 - An owner with a VA loan is likely to have equity so you'll have to come up with some serious cash, or a second mortgage at a much higher interest rate.

2 - A veteran may want his VA loan retired so he can preserve his benefit for future use.

 

[quincy]

You might think that's a good idea, but it may severely limit the availability of homes for you.

1 - An owner with a VA loan is likely to have equity so you'll have to come up with some serious cash, or a second mortgage at a much higher interest rate.

2 - A veteran may want his VA loan retired so he can preserve his benefit for future use.

It would be the rare veteran who would not want a release from the loan.

Searching for a home with an assumable VA loan will not only limit the number of properties available for sale, qualifying for the assumption can be more difficult.

 

[adjusterjack]

qualifying for the assumption can be more difficult.

Especially while qualifying for a second mortgage (if necessary) at the same time.

 

[quincy]

Especially while qualifying for a second mortgage (if necessary) at the same time.

Right.

Assumable mortgages can be a way to find a lower interest rate but the lower interest rate often comes at the cost of a higher initial payment or the need for additional financing. Negotiating a land contract with a seller is another possible way to get a lower rate.

 

[adjusterjack]

Negotiating a land contract with a seller is another possible way to get a lower rate.

Land contracts come with their own set of problems. Often unscrupulous sellers with substandard properties and naive desperate buyers who have no idea what they are getting into.

 

[quincy]

Land contracts come with their own set of problems. Often unscrupulous sellers with substandard properties and naive desperate buyers who have no idea what they are getting into.

I have bought several properties on land contract without issue but, yes, you need to know what you’re doing.

 

[zddoodah]

Your post does not appear to raise any legal issue. Do you have a question about a legal issue?

 

[quincy]

Yours is not a legal question. You may wish to reach out to a Realtor.

Your post does not appear to raise any legal issue. Do you have a question about a legal issue?

Apparently not. The question that was asked was answered anyway.