Assumable mortgages can be one of the biggest opportunities in today's real estate market, but one question stops many buyers before they even get started:

"How do I pay the difference between what the seller owes and what the home is worth?"

In this episode of Selling St. Pete, Nicole Saunches sits down with Ryan Nelson of Barrett Financial, AssumeList's preferred lending partner, to explain exactly how buyers can finance the equity gap when purchasing a home with an assumable mortgage.

If you've been told you need hundreds of thousands of dollars in cash to assume a low-interest mortgage, this episode may completely change the way you think about the process.

In This Episode You'll Learn

• What the equity gap is and why it exists in almost every mortgage assumption
• Why financing the equity gap is a separate process from assuming the existing loan
• How second mortgages and HELOCs can help buyers bridge the gap
• When assuming a mortgage makes financial sense—and when it doesn't
• How blended interest rates work when combining an assumable mortgage with secondary financing
• What buyers must do to qualify for an assumable mortgage
• Common mistakes that can derail financing before closing
• Why sellers with 2–3% mortgage rates may be sitting on an incredibly valuable asset
• The biggest myths surrounding assumable mortgages

Key Takeaways

One of the biggest misconceptions about assumable mortgages is that buyers must have enough cash to cover the seller's equity. In reality, qualified buyers may be able to obtain secondary financing to bridge that gap.

Ryan explains how fixed-rate second mortgages and home equity lines of credit (HELOCs) can work alongside an assumed mortgage, allowing buyers to take advantage of historically low interest rates while financing only the difference between the existing loan balance and the purchase price.

The conversation also emphasizes that every transaction should be evaluated individually. Sometimes assuming a mortgage creates enormous long-term savings. Other times, depending on the loan balance and equity, a traditional mortgage may actually be the better financial choice.

As Ryan says throughout the episode:

It's all about doing the math.

Myth vs. Fact

Nicole closes the episode with a rapid-fire Myth or Fact segment covering:

• Do you always need a second mortgage?
• Does assuming a mortgage eliminate underwriting?
• Can only the original lender finance the equity gap?
• Does Barrett Financial only work with AssumeList clients?

The answers may surprise you.

Featured Guest

Ryan Nelson

Barrett Financial Group

Ryan specializes in assumable mortgage financing, second mortgages, HELOCs, FHA, VA, conventional financing, and self-employed borrower solutions. He works with buyers nationwide to help structure financing options that make homeownership more affordable.

Connect with Ryan Nelson

Phone: (480) 861-7841

Email: [email protected]

Resources Mentioned

• AssumeList
• Barrett Financial
• Blended Mortgage Rate Calculator (search "Blend Rate Calculator" online)

About Selling St. Pete

Selling St. Pete is your trusted resource for real estate education throughout the Tampa Bay area. Host Nicole Saunches interviews industry experts to help buyers, sellers, investors, and homeowners better understand today's housing market, financing strategies, insurance, legal issues, and the many options available when making one of life's biggest financial decisions.

If you found this episode helpful, please subscribe, leave a review, and share it with someone who could benefit from learning more about assumable mortgages.

Hello, and welcome back to the Selling St. Pete podcast. Last episode, we covered the basics of mortgage assumption.

When a buyer steps into a seller's existing loan with the same rate, the same terms, and a new name on the note. But there's a question that comes up every single time.

What happens to the gap between what's owned on that mortgage and what the home is actually worth? That gap doesn't disappear. Sometimes it has to get financed. And that's a completely different conversation than the assumption itself.

I'm Nicole Saunches, and this is selling St. Pete. Today we're going one layer deeper into the assumable mortgage series, and this episode is all about financing the assumption, the equity gap.

And I'm joined by Ryan Nelson with Barrett Financial AssumedList's preferred lender. Ryan, welcome to the show.

Hey, thanks for having me, Nicole. It's an honor to be here. I don't get on these podcasts very often just because I'm busy slinging loans and talking to people all day.

But it's nice to break away and share the knowledge of what's going on in the mortgage world. And the assumption process is not a hard process. It's for people that want to buy a property. It's a great option. We save a ton of money.

But exactly like you said, you know, sometimes there's a gap. Somebody wants to buy a home that's $800,000, and there's $500,000 owed, and you don't have $300,000 to bring in.

There's a lot of people that want to buy a home but don't have $300,000 down. What are your options? And there is financing options available to help cover the majority of that gap.

We do a ton of those and happy to talk about it and share what's possible in the lending realm regarding assumptions.

That's awesome. Before we dive in, can you tell us a little bit about your background and how Barrett Financial became AssumeList's preferred lender?

Well, you know, Barrett Financial's one of the largest mortgage brokers in the country, We're based out of Arizona. I live and reside in Arizona. I work out of the corporate office, but Barrett's licensed in 49 states.

I'm actually licensed in all 49 states that Barrett is licensed in. So the only state we don't cover is New York. We'll eventually be there, but New York, you know, takes a long time to get licensed.

But Barrett's been around over 20 years. We've got 2,400 loan officers around the country, and yeah, probably about maybe 10 or 15 regional offices. But, you know, AssumeList came to Barrett.

They were looking for some solutions to help their customers and some of their buyers and people in general on what's possible regarding financing.

The nice thing about a mortgage broker, we've got a lot of different banks and wholesale lenders and relationships that we work with at Barrett because we're large and we've been around for over 20 years and we're one of the largest brokers in the country. We have a lot of different lending relationships, which means a lot of different financing options for buyers.

And I think we have some of the best solutions tailored for the assumption process. And getting to know the people at AssumeList has been awesome.

We've been working with them for the last couple of years and I think we do a great job for them and we value the partnership. So if people want to assume a property and don't have enough money to fulfill that gap, that's where we come in to help.

And there are so many people that write off mortgage assumptions because they don't have the equity to cover that gap. And it's good to know that there are mortgage companies out there that will write a second mortgage because the majority will not.

Can you talk about what makes financing an assumption different from your typical day to day conventional loan?

Well, so there's not a whole lot of differences in regards to getting a mortgage and buying a property and assuming a mortgage.

If you can qualify to buy a regular property at interest rates at where they are today, you know, 6%, 6 and a half percent, and you're looking to assume an existing mortgage that's at a lot lower interest rate. The qualification process is going to be very, very similar. Okay. You're going to have to make sure that you have a documentable income.

You're going to have to make sure that your credit's at least minimum standards to that are acceptable to whatever the loan type that you're doing, you know, so you got to have good credit for the most part. Doesn't have to be perfect. You got to be able to document your income. And if you can do that, you can most likely assume a property, no problem.

Where it gets a little more challenging is if there's a gap and you need secondary financing. So the example I always like to give, you want to buy a house, that's $800,000, there's $500,000 owed and you don't have $300,000 to put down.

What are your options? And that's where secondary financing can help.

And the rates on secondary financing are going to be higher than if you just traditionally buy a home and do a regular mortgage or assume a mortgage. But they're not that much higher if you have great credit. And at the end of the day it's all about what's the overall savings buying the property.

At the end of the day it comes down to just doing the math, running the numbers, but most importantly just giving people their options so that they know what they can and can't do.

And to your point, qualifying for an FHA mortgage versus a VA mortgage versus conventional financing, they each have a little bit different qualifications, right? FHA you can go down to a 580 credit score. And I'm not saying that that would necessarily be something you could do with an assumption.

But there are different, it's not the same across the board for each mortgage.

that's 100% correct. Every loan type is going to have minimum credit standards, minimum down payment requirements, credit scores, things of that nature.

Debt to income ratios are going to be a little bit different on each type of loan. The assumable process is no different.

If you want to assume a property, you're going to have to apply with that servicing company that is servicing that first mortgage to make sure that you meet their guidelines to be able to assume that property.

Where we can help buyers in that process is we can share with them our opinion on if it looks like assuming that property is going to have no problems at all or if they're a slam dunk. What I have found with most people that assume they're for the most part more affluent buyers.

So typically they don't have a problem assuming any type of mortgage.

But for those buyers that may just be barely qualifying, you need to really get into the weeds and it's going to be up to that assumption lender to determine if they're going to allow them to assume that mortgage or not. But every single loan type has different guidelines.

And I know with VA they generally allow that that DTI to go a little bit higher than say conventional or FHA. Is that the same if a non-veteran were to assume a VA mortgage?

That's a great question and I don't know the answer to that and probably unlikely that they would.

You know, the assumption bank or the servicing company would allow someone to assume something where the ratios are significantly higher if they're a non-veteran or even a veteran for that fact. But that's a great question. I don't know the answer to that, but something to look into.

It's just something I thought of as we were talking about the different parameters. How often are you seeing buyers come to you specifically because they found an assumable listing?

Most of my referrals come from real estate partners that I have or people that I know.

And obviously, if you do a great job for people in any industry in life, doesn't matter if it's real estate or mortgage, you're going to get referred out to other people.

So the majority of people that are referred over to me are from real estate agents that I've had some sort of interaction with or closed on a transaction at some point in time. And typically the Realtor is going to drive the conversations around assumptions more than buyers.

It's very rare for a buyer to just call me up and say, hey, I want to assume a mortgage, you know, and what are the possibilities? But all the time I get referred over from real estate agents, a buyer that says, hey, I've got a client. They're looking at buying a property.

They want to save as much money as possible. We're seeing that there's some possible homes that maybe they could assume the mortgage. Can you help figure out what their options are?

That happens all the time.

Awesome. So what exactly is the equity gap and why does it exist on every assumption?

Well, typically there's going to be some sort of gap between the purchase price on whatever the property's worth and what is owed on that mortgage. And if a mortgage was taken out three, four or five years ago, every single month, that mortgage balance is going down.

And in most places around the country, anyone that purchased a property five years ago, most likely that property has gone up in value. And when the buyer bought that property, they probably put some money down.

Every loan type requires a down payment except for USDA or VA. Those allow no money down. But even if there was no money down, you would probably see some sort of delta between the purchase price and what's owed.

And that's what we typically refer to as an equity gap. What's the difference between what the property's worth today or what a seller is asking for that property?

And if someone wants to assume that mortgage, how much do they owe? And that difference you've got to determine as a buyer, you have enough money to fulfill that gap and just bring in the difference. If you do. Great.

I'm not needed. It's smooth and easy. You don't need secondary financing.

You just need to simply apply with that servicing lender that the home you want to buy, whoever's that seller is paying the mortgage to and see if you qualify with that bank to take over that mortgage. And if you do, that's a home run for a buyer. Who doesn't want an interest rate in the twos or threes? It's like a cheat code going back in time.

You can't get those interest rates today. We're almost at 6% on government loans again.

And with all the economic uncertainty and Iran back and forth going on, one minute they're going to come to a peace resolution, the next minute they're not. Price of oil's going up, inflation's going up. Who knows if it'll ever end? You know, the world politics, no one can control that.

But what we can control is what options are available to people. And just educating everyone.

Everybody wants to save money, so that's where we can come in and help is if you want to buy something, you should know what all your options are. If you want to assume it, great. If you want to just do a regular mortgage, what are your options?

We can help provide guidance and clarity around all of those questions for a buyer.

And that's one reason why I have this podcast, is to educate homeowners and prospective buyers on what their options are. Because the average person only buys and sells a home a few times in their lifetime, maybe a handful of times.

And yet this is something you and I do every day.

So we are aware of other options that people may not be, whether it's mortgage assumptions or seller financing or things that they haven't thought of that can either help earn them more money or save them more money. Which brings me to my next question. What are the real options a buyer has to cover that gap, besides all cash?

So secondary financing so we can do a mortgage that closes at the same time that they would buy that property and provide a second mortgage.

So if somebody wants to buy a property and assume it and they need to have financing because they don't have the full amount to cover that entire gap, we can do a second mortgage that closes at the same time that they close on the property and they take over that first assumable mortgage. So we'd close on both of those loans at the same time. Now, I'm not involved on the first mortgage.

They are working directly with the servicing company, whether that be Navy Federal credit union or PennyMac or Carrington or Freedom Mortgage.

Whoever is servicing that loan, the buyer is going to fill out an assumption package, go through an approval process with that first mortgage lender, and we're going to be working on a second mortgage that closes at the same time. So when the transaction closes all at one time, both loans close simultaneously and the client obtains the home.

The buyer buys the home and has two mortgages. The first that they take over and then they have a smaller second mortgage that we would do for that buyer simultaneously.

Well, it depends on the type of loan that we're doing for the customer.

You know, so buyers have a couple of different options if they want to do secondary financing and they need to do secondary financing because they don't have enough money to fulfill the gap or they don't want to part with all of their money. One option that they have is we can do a fixed rate second mortgage.

And if we do a fixed rate loan, it's typically going to be amortized over 15 or 30 years. If it's a 15 year term, it's going to be a little bit better interest rate. Okay. Than if it's a 30 year loan. So there's different options.

If you do a fixed rate loan, the other option you've got is to do a home equity line of credit that we would close on at the same time.

And a home equity line of credit is the interest rate that someone's going to get is going to be dependent upon their credit score and the size of the HELOC. So 740 is typically going to be the best credit tier. So as long as you're above that, you'll get the best interest rate.

And most HELOCs, not just with us or with anybody that has a heloc, most of those rates are adjustable. They're tied to prime rate. Prime rate today is 6.75%. And then there's a bank margin added to prime rate.

And the secondary financing on a HELOC can be as low as prime plus zero. Typically most buyers are about 1% above prime with good credit. So that would put you a secondary mortgage heloc that's at 7.75%.

And in today's market, that's not bad for a second mortgage. Where right now, conventional rates right now today are about 6.75, so it's about a percent higher, but it's a second mortgage and it's a HELOC.

So that HELOC can be a five year draw period or a ten year draw period.

Meaning that you have access to that money where you can pay it down, you can use it again, and your interest during the draw period or your payment during the draw period is interest only. So it's a very, very flexible instrument.

You have an opportunity to pay it way down, reuse the money if you need it again, if you apply a big chunk of money, the balance goes down, your payment goes down every month.

Excellent.

And when you are walking clients through the math, is there a blended rate that buyers should expect once you combine the consumable mortgage with the second mortgage that they're going to be taking, or I guess it would depend on if they're doing a fixed rate versus there's.

A lot of factors you got to look at how much money on that first mortgage is the balance and what's the interest rate. That's going to be your biggest factor in what your overall interest rate is.

If you have two mortgages, the more money that you have at a lower interest rate is going to make that overall blended effective interest rate way, way lower. And then of course, you're going to have a second mortgage if you are doing secondary financing.

And you just have to look at those numbers and see what the blended rate is. You can go to Google and type in blend rate calculator.

And I think the first option that comes up when you do that, it's one of the first or second options. It's the simplest.

I don't even know what website it is, but it's the simplest calculator that just pops up and you literally type in four different things. You type in the loan amount and the interest rate on one mortgage, and you type in the loan amount and the interest rate on a second mortgage.

And you click a button and it tells you what your overall blended rate is. So it's super easy to see what that is. And everybody's situation is going to be different.

I was talking to a client the other day and they were looking to assume a mortgage and the assumable interest rate was like 2.5%, but there was only $150,000 owed on the actual mortgage. And the clients, when they bought the home, put down a lot of money.

And so while they have an assumable loan that's at a 2.5% interest rate, it was only $150,000 owed on the mortgage. The house was worth over $500,000. So someone wanted to buy it and not put down a lot of money and do secondary financing.

They'd have a second loan that's at a lot higher interest rate than the first mortgage.

So in that situation, doesn't make a lot of sense to assume that particular mortgage because that mortgage was so small, even though it was a great interest rate, there's not a lot owed.

And if you're going to have a second mortgage at 7.5%, you know, on $300,000 and have a first mortgage at 2.5% on $150,000, they were better off or it was about a wash to not even assume anything, just do a regular mortgage at like a 6% interest rate. So at the end of the day, it's all about the math. Crunch the numbers, see what makes most sense.

You know, and that's what we do, is we give people guidance. We're not here to tell people what to do.

We're, we're here to help them map out the numbers and give them choices so they can see what's in their best interest.

Yeah, I sold a property via assumption a couple of years ago and the balance on the mortgage was roughly $300,000 and the value of the home was $450,000. And the buyers were able to cover that gap with cash, but they walked into a 2.65% interest rate on those remaining years.

And were very happy to do so.

We've talked about this. But confirm a buyer does still have to qualify with the lender even though they're assuming an existing loan.

Yeah, they have to qualify with whoever they're assuming the loan from has to approve them to take over the loan. So. And they really can't say no if they meet all regular lending requirements.

Their debt to income ratio is in line with standards, their credit's in line with standards, they pay their bills on time, they can document their income, the assumption lender is going to approve them. How quickly they're going to approve them will depend upon how quickly you work through the process.

You get their application filled out, you get them the documentation they need. By law, they have to complete it within 60 days. And I've seen most assumption banks typically have their act together. Now.

It was really difficult at first. At first with assumptions, it's gotten a lot smoother and easier.

Now because they're legally regulated and they have to comply with certain standards, banks don't typically want to let you assume anything. They'd rather that loan pay off and put another loan on the books at a lot higher interest rates.

They don't like assumptions and someone taking over a loan because there's not a lot of interest being made at loans that are in 2 and 3%. But by law they have to allow you to assume it if you qualify. But you have to qualify. If you need secondary financing, you have to qualify for that.

And that's what we look at and we do all the time.

Awesome. And what does the underwriting process look like when you are going through the assumption process, but you're also getting that second mortgage?

We're going to have it underwritten through whoever we're sending that loan to and their underwriting team. And obviously we've done this for so long and we work with so many of these, we know if it's good to go or not. Sometimes things pop up we don't see.

But that's what an underwriter looks at to make sure that the client meets every single guideline. But we've got enough experience where if we tell someone, hey, you're not going to have a problem qualifying, they don't.

You know, I mean, but our pro, it's the same process for that assumption bank, you know, whoever they're assuming the loan for through that servicing company, they have the same exact process. The only difference is we're a lot quicker.

If someone's doing gap financing and we're helping them with the second mortgage, we've got our loan done in typically a two week time frame. And then we're waiting on the assumption lender to finish up their due diligence and their review, which is typically a 30 to 45 day process.

Excellent. And what should a buyer's agent be doing early in the process to set their client up for a smooth approval?

I mean, no different than just anybody that you have. If you're a real estate agent or if you're a buyer, what do you want to do to prep? You want to definitely talk to a lender.

You want to make sure that they've looked at all your documentation, they ran your credit, they reviewed everything and that you qualify and everything looks good.

The last thing you ever want to do as a buyer or as a real estate agent is having someone go and look for properties they can't afford, get really excited, only to come to find out, oh, you know what, I know you really love that house, but you don't qualify for it. So the main thing as a buyer, you want to make sure you know what loan programs are best for you.

You want to make sure you know what the monthly payment looks like. You want to know how much money are you going to need. Those are the most important things.

What is a monthly payment going to look like, how much do I qualify? What loan programs, how much money am I going to need? Those are the four. And every buyer should know that.

And once you know that, then you can go and shop with the right parameters for the right homes in the right area. And your real estate professional is going to show you everything that's available to you that meets your qualifications.

And once you're under contract or in escrow, buyers should do the following.

It sounds like common sense, okay, but you want to make sure you don't screw up your credit. You don't lose your job, you don't go and buy anything. You don't have inquiries on your credit.

You don't have mysterious money that pops into your bank account, or you withdraw a bunch of money and keep everything just chill. Those are the kind of the basics. Don't do anything that would harm your transaction.

There's a list of things, and I'm not looking at them, but those are the basics.

Yeah, but a lot of people don't realize that.

I've heard a couple of innocuous ones where someone was from out of state, was buying in Florida at the airport, signed up for a credit card so that they could get the air miles, and didn't realize that would show for the closing next day that they were going to have, or another person who was buying furniture for a place, and they decided to finance the furniture because they got 12 months with no interest, not realizing that, again, that was going to be a red flag for their financing. Both of those scenarios wound up closing, but they could have been situations that derailed a transaction. But just the inquiry raises that red flag.

Well, the crazy thing is most people don't know this. And if you're not in the trenches doing mortgages every single day, you don't know this.

But one of the things that everybody signs up front is something saying that your credit will be looked at and reviewed one final time before you actually close. And so they don't do an actual hard inquiry, but they refresh your credit before you close. And they look specifically for any inquiries.

Because if you have an inquiry, they want to know, did you open up some sort of an account? Because if you did, we need to be able to document what's owed to make sure you still qualify for the home.

And so they look for any inquiries, and they look to see if there's any late or collections that are placed.

And every now and then you get some stuff that last minute pops up and it can cause some stress and it could derail Things, again, it's just, it's an education process. We go out of our way to make sure we educate every single person looking to buy. Here's your do list. Here's your don't list.

Make sure you read through this in some of this stuff seems super simple, but people do.

I don't want to say they're dumb things people just innocently don't know, but education is the key is just to let them know, hey, this is super important and why.

Right. And again, if you're only doing it a few times throughout the course of your life, it's not something that is going to be top of mind.

100% Agree.

Given how much confusion exists around mortgage assumptions, what's the number one thing that you think people get wrong about financing an assumption?

I just, they just don't have the knowledge of it. You know, assumptions are still a fairly new thing in the mortgage world. You know, they weren't really super popular until after Covet happened.

And what happened during COVID is we had 13 straight Federal Reserve increases in interest rates that not only put a lot of companies out of business, but that was super rough on the overall economy and just things in general. It kept a lot of people from not transacting on real estate. They already had these low mortgages and they don't want to give up that low mortgages.

And I don't blame them. The thing with assumptions is a lot of people just don't know what they don't know. It's not any harder to assume a property. Okay.

What's still harder around assumptions is just finding what properties are even assumable in the first place, educating sellers that, hey, you know, you've got a very valuable asset with that mortgage that you have. It's very valuable. Okay? And I think in general, everybody wants to help out everybody in life. Somebody came to me and said, hey, I need help.

I want to help them even if I don't know them. And I think in general, everybody would love to help everybody save more money. It's just people don't know. So with assumptions, nothing's harder.

It's just the education process and just getting the word out that it's a huge win for everybody. If you're selling a home and you're a seller and you have a super low mortgage, guess what? You've got something that's super, super valuable.

You should be able to sell your home for more money. Absolutely more.

Because if you can convey that right message to the right buyer and they want to buy that home, you can give them something that they can't get and that's a huge savings on a lot of money down the road. And you should be able to sell that house for top dollar.

And the buyer should be okay to buy it for top dollar, because guess what, they're still going to save a fortune in interest and monthly expenses over the life of that loan. And the great part about assuming a mortgage for a buyer, you're not doing the new 30 year mortgage. You are taking over the existing mortgage.

Everybody wins with assumptions. It's just people don't understand them. And that's why you're doing this, is to just share the knowledge with everyone.

Absolutely. So we're almost to the end and I did this in the last episode. It's a section I call Myth or Fact.

So I'm going to read a few statements and if it's a myth, tell us what the fact is. And if it's a fact, just let us know that it's a fact. Okay, you ready?

I'm ready.

You need a second mortgage to cover the equity gap.

You don't need a second mortgage to cover the equity gap. So it depends on how much money you have as a buyer. So that's a myth.

Assuming a loan means you skip underwriting entirely.

That is an absolute myth. You still have to be approved to assume a loan, and you have to be approved by the bank that is servicing that mortgage.

You have to fill out an assumption package. You have to qualify with them.

You have to turn in your pay stubs and W2s and bank statements, and they verify everything, just like you're doing a regular mortgage, except for they're approving you to take over an existing loan that you can't get today. And it's a super low interest rate. So you want to go through the process and make sure.

But the thing I can say is if you qualify for a loan today, okay, you're at the interest rates today, you most likely will qualify for an assumable to take over that existing loan.

Excellent. Only the seller's original lender can finance the gap.

Now that's a, that's a myth. Any lender can finance the gap.

The question is, does the lender you're working with know how to do gap financing, how to do a second mortgage, how to work with the assumption lender that they're assuming that first mortgage with. And are they familiar with the process?

Almost every single mortgage company has access to doing seconds, but most of them don't do a lot of seconds and they don't understand how to do them and the mechanics of closing on both loans at the same time. So if you're going to do secondary financing to cover the gap, you need to work with a lender that knows what they're doing and knows how to do them.

They're not hard to do once you learn them, but it's more of a specialty thing and you want to work with someone that knows how to do it.

Excellent. And the last statement, Barrett Financial only works with buyers who come through AssumeList.

No, we work with buyers all over the assume list and assumable clientele that we work with. I love doing these because they're super easy and I get to meet a lot of great people, but it's a small portion of our business.

So Barrett Financial, we've got 180 different banks that we can actually work with to close a client's loan that are wholesale banks.

So the nice thing about working with a mortgage broker, number one, interest rates are probably going to be cheaper than you'll find if you go to a traditional retail mortgage company or just a mortgage lender working with a broker. You're going to get better rates and terms for sure as a consumer. But we have access to so many different loan products.

I personally do a lot of self employed people, a lot of bank statement loans for people that that can't traditionally verify income because they write off a lot of money on their taxes or hell, some of them don't even file taxes. We do a lot of stuff for anyone and everyone. We work all over the country. The assumable piece is probably maybe 15% of our business.

We do a lot of FHA loans, a lot of ton of VA loans, love working with veterans that service and a lot of conventional.

Thank You so much for walking us through all of that. We have covered how the financing side of a mortgage assumption actually works. And if you're a buyer, the equity gap isn't a deal breaker.

It's just a second conversation and now you know what that conversation looks like.

And if you are a seller, as we've talked about, you're sitting on a gold mine and you should be able to not only get top dollar for your property but also sell it quicker. If you have one of these mortgages, that can be assumed, especially if it's in the 2 to 3% interest rate that a lot of them have.

Ryan, where can people find you and Barrett Financial?

You can call or text me or email me at R nelsonn at barrett financial.com Barrett is B A R R E T T Financial F I N A N c I a l.com so thanks for having me.

Absolutely.

And I will make sure that information is in the show notes and again, appreciate everything that you're doing with Assume list and in mortgages in general to have help get people into a new home. Well, I'm Nicole Sanchez. This has been Selling St. Pete. Thanks for listening.