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Assumablity
The ability of a loan to be signed over to a buyer without the loan's underwriters approving the new buyer.
This makes selling a property much easier because the buyer does not have to go through the standard mortgage loan approval process.
Unfortunately, assumable loans are disappearing. FHA loans closed before December 14, 1989, and VA loans closed before March 1, 1988 are assumable by anyone, assuming they can still be found and have not been refinanced or paid off.
NEXT: Assumption Fee