This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Arkansas Contract for the Sale of Residential Property Assuming Existing Loan and Giving Seller Purchase Money Mortgage or Deed of Trust
State:
Multi-State
Control #:
US-01536BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Contract For The Sale Of Residential Property Assuming Existing Loan And Giving Seller Purchase Money Mortgage Or Deed Of Trust?
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FAQ
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage.
That means the seller maintains the responsibility of paying off the loan, but the buyer has agreed to make mortgage payments on behalf of the original seller. Over the course of a subject to mortgage, the buyer will make payments to the seller, who will, in turn, pay off the mortgage in return for the deed.
Loan assumption, however, allows a buyer to take over the current owner's mortgage while the loan's terms ? including the repayment period and interest rate ? remain the same. Ultimately, it can help people get into a home at a lower interest rate even as the housing market around them becomes more expensive.
An assumable mortgage allows a homebuyer to assume the current principal balance, interest rate, repayment period, and any other contractual terms of the seller's mortgage. Rather than going through the rigorous process of obtaining a home loan from the bank, a buyer can take over an existing mortgage.
To qualify for an assumable mortgage, lenders will check a buyer's credit score and debt-to-income ratio to see if they meet minimum requirements. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
Both Deeds of Trust and Mortgages are used. A trustee can be: A licensed Arkansas Attorney. A Bank or S & L authorized to do business in Arkansas.
(Buyers) You're limited to the current lender ? If you'd like to assume a mortgage, you must still apply for the loan and meet all of the lender's requirements. Without the lender's consent, the assumption cannot happen. That restriction limits your choice of a lender.
Key takeaways: A mortgage assumption takes place when the buyer takes over the seller's existing mortgage at closing in lieu of getting a new loan. Currently, the only loans with a standard qualifying assumption clause are VA, FHA and USDA loans.
