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Mortgage

Assumable Mortgage

Definition

A loan that a qualified buyer may take over from the seller on its existing terms, common with FHA, VA, and USDA loans.

Example

With market rates near 7%, a seller's assumable 3.25% VA loan became a significant marketing advantage.

Frequently asked questions

What does Assumable Mortgage mean in real estate?

A loan that a qualified buyer may take over from the seller on its existing terms, common with FHA, VA, and USDA loans.

How is Assumable Mortgage used in practice?

With market rates near 7%, a seller's assumable 3.25% VA loan became a significant marketing advantage.

This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.