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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: Owner Financing property with FHA wrap around mortgage?
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Author Topic: Owner Financing property with FHA wrap around mortgage?  (Read 1821 times)
Madrsn
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« on: September 17, 2008, 08:55:22 PM »

Situation: Currently have FHA mortgage, and have been in it for 3 yrs and have occupied property as a primary residence.

Objective: Want to sell my house, and owner finance it. I want to keep paying my FHA loan (it's at 6%) so I could charge a slightly higher rate to the buyer.

Questions: Can this be done? Is it legal? Has anyone else done it? Thoughts? (I am in Texas)


Thanks everyone.
« Last Edit: September 17, 2008, 11:33:20 PM by Madrsn » Report to moderator   Logged
cjo
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« Reply #1 on: September 27, 2008, 12:07:57 AM »

I'm in the process of doing the same thing. I talked to a lender today and we went over it for a while apparently last week the bank they used for wrap-around loans stopped doing them. I found this                   http://www.mtgprofessor.com/a%20-%20wrap-around%20mortgages/what_is_a_wrap-around_mortgage.htm    website and only VA and FHA are doing them now. So I would say talk to a lender and or an attorney and get it rolling. Are you in Houston?
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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: Owner Financing property with FHA wrap around mortgage?
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