Home prices are up, rates are up, and most buyers assume that means they're priced out. But some homes still carry a mortgage from 2020 or 2021 — with a rate of 3%, 2%, sometimes even lower — and in the right circumstances, a qualified buyer can simply take it over. It's called a mortgage assumption, and it might be the most underused tool in real estate right now.

In this episode of Selling St. Pete, host Nicole Saunches sits down with Nora Simpson, Head of Education at AssumeList, for "Mortgage Assumption 101." Nora breaks down which loans are actually assumable (VA, FHA, and USDA), how buyers can bridge the equity gap with as little as 10% down, why sellers with an assumable mortgage may be sitting on a goldmine for their sale price, and how AssumeList closes assumptions in 60 days or less with a perfect approval track record. Nora also joins Nicole for a rapid-fire "Myth or Fact" segment, busting six of the most common misconceptions about mortgage assumptions.

In this episode:

• What a mortgage assumption actually is (and how it differs from "creative financing")
• Which loan types qualify — VA, FHA, and USDA — and the nuances of each
• How buyers cover the equity gap with a second mortgage and as little as 10% down
• Why assumable listings can spark bidding wars and drive prices above list
• The #1 reason assumptions stall (hint: it's not the loan type)
• Six mortgage assumption myths, debunked

Guest: Nora Simpson, Head of Education at AssumeList. Daily live Q&A, Monday–Friday, 11am ET / 8am PT at assumelist.com. Registration: homes.assumelist.com/learn. Email: [email protected].

Host: Nicole Saunches, Selling St. Pete — an AssumeList-trained agent serving the St. Petersburg–Tampa area.

🎧 Listen to the full episode: https://player.captivate.fm/episode/8949653c-340c-41ab-81d4-95a2089af562/ Also available on Spotify and Apple Podcasts.

Hello and welcome back to the Selling St. Viet podcast. I'm your host, Nicole Saunches. Home prices are up, rates are up, and most buyers think that means they're locked out.

And in the right circumstances, a buyer can take it over. Same rate, same terms, just a new name on that loan. It's called a mortgage assumption and it's not new.

But right now it might be the most underused tool in real estate. Today I am joined by Nora Simpson with a zoom list and we are going to be talking about mortgage assumptions.

We can call this mortgage assumption 101. And we're going to be talking about why this is a good tool in today's market. Nora, welcome to the show.

Thanks so much, Nicole. It's great to be here.

Before we get into the mechanics, can you tell us a little bit about your story and how you got into teaching about mortgage assumptions?

Absolutely.

So I've been the head of education for Assume List for the last two years and before that I, for the last 18 years I've been teaching a neuroscience based methodology to companies and small teams across 80 different industries. I've actually worked with 800 companies in 80 industries on five continents.

And about 12 years ago I worked with my very first real estate agent and the floodgates open. And now I've worked with 3,000 real estate agents and 200 real estate teams over the last 12 years and really fallen in love with real estate.

And in fact, I met the CEO of Assume List because he asked me to work with his real estate team.

And as I learned more about this side project he was doing called Assume List and I learned more about assumable mortgages, I said, wow, this is the best reason I've ever heard for a real estate agent to call every single person they've ever met and say this is an underutilized set of knowledge that can save you huge amounts of money.

I can't lower your gas bill, I can't lower your grocery bill, but I can lower your monthly housing cost using these federally guaranteed, legally regulated, squeaky clean mortgage assumptions.

Amazing.

And not only buyers, but also helping sellers with getting the best sales price they can get because someone stepping into a lower interest rate is often willing to pay top dollar for that.

Absolutely. So any seller that's lucky enough to have an assumable mortgage and the way we Predict which mortgages are assumable is very simple.

All VA and FHA mortgages are assumable by credit worthy home buyers. Right.

There's a few nuances with va, but certainly for fha, all credit worthy home buyers can assume an fha and most credit worthy home buyers and most credit worthy investors can assume. Actually, they can all assume the VA mortgage.

The question is, which of the VA sellers is willing to agree to the specifics of how that VA to non VA assumption works? And of course, VA to VA assumption is also very doable. Both exist and most people don't even know that.

And then the sellers who have VA or FHA mortgages don't realize that they're sitting on a gold mine. They're sitting in a house that people will feel, oh my gosh, I can get this 3% mortgage, this 4% mortgage.

Sometimes we see mortgages at two and a half or, or 2.25 or even in Florida. This is only in Florida. I have seen 1.75% mortgages.

Wow.

I am not kidding. Yeah, it is rare, but I have only seen them in Florida.

And I will tell you that even for sellers who don't have assumable mortgages, Discover Home Loans took a survey of homeowners just about a year ago and they asked them, if you're thinking of moving, what is stopping you? And of the people who were thinking of moving, 80% said, I am waiting for rates to drop below 5%.

So even if you don't have an assumable mortgage, simply knowing that you can get a good enough fair price for your home and move into a home with an assumable mortgage and take the equity from your sale and put it into that new home that has the assumable mortgage. Because there will be a bit of an equity gap. And we'll probably get to that later.

Just helping people who are thinking of selling break out of what we call rate lock.

Yeah. So can we take a step back for someone hearing a sumable mortgage for the first time perhaps today?

Right.

Can you give us the simplest possible definition of what that is?

Yes. So an assumable mortgage is a mortgage that can be transferred completely, all terms, all liability, everything from seller to buyer.

And as part of a purchase, it is completely transferred. There is no financial liability or risk that remains with the seller once the assumption is complete.

And that is different from other, shall we say, creative or alternative financing options that folks have heard about. Often people think an assumption is one of those other creative or alternative options for financing and it is not.

It is squeaky, squeaky, squeaky clean. The seller walks away with zero liability, zero risk and hopefully a really strong price because the buyer just got access to remarkable savings.

Yeah. And not every loan is assumable. Can you walk us through which loan types qualify?

Absolutely. So the ones we know for sure are assumable are all government backed mortgages. So what's a government backed mortgage?

All VA mortgages are assumable, all FHA mortgages are assumable, and all utilities USDA mortgages are assumable. Now USDA is a special case because there are income limits and rural low population density requirements.

So I would say USDA can be some of the harder assumptions out there. But with VA and FHA assumptions, assume list has completely cracked the code.

We have built structures and supports for agents, buyers and sellers that make it possible to, to get from contract to close in 60 days or less. We know exactly how to vet buyers to make sure they will absolutely 100% get approved for the assumption. So we walk in with a bulletproof case. Right.

And for VA and FHA assumptions, no matter what the bank tells you, because unfortunately the banks do not like assumptions, which makes sense because they are the ones losing all the money that you're saving. Right. So the banks.

I have been on many, many phone calls, many, many trainings where a seller pipes up and says, but I called ABC Mortgage Company or XYZ Mortgage Company. I'm intentionally making up fake names because I don't want to get in trouble. Right.

And they told me, the customer service person told me, theoretically your VA mortgage is assumable. But ABC Mortgage Company does not do assumptions.

And I find myself saying every time, oh, that's funny because we just closed two assumptions with that company last month.

So there is a lot of ignorance even within the bank staff because the banks have no incentive to train and educate their staff to make assumptions easier because they don't want to lose the money. So we have done everything we can. We work closely with VA and FHA regulators to ensure that banks are forced to follow the law in a timely way.

And that's why our track record is so strong. But you know, it is very definite that all VA and FHA mortgages are assumable by law.

There is no such thing as a bank that's allowed to say we simply don't do assumptions. That's not allowed. They signed a contract with the US government saying they would do it.

And 60 days. That is incredible. I did a mortgage assumption a couple of years ago. That was four months.

And I came to understand that by and large, in most cases is a good amount of time to get one done. But a question I have, does it matter when the loan originated? Are older FHA or VA loans treated any differently than newer?

Nope, it does not matter at all as long as the buyer can come to an agreement with the seller about how they're going to pay for the equity between the price and the assumable loan. I wouldn't advise someone to purchase a home where the assumable loan was $50,000 and the price on the home was 400,000.

That's a silly thing to do unless you're coming to the table with $350,000 in cash, right? When we see large equity gaps, it only makes sense to do an assumption.

With a large equity gap, if let's say the home is $900,000 and the equity gap is 4, $400,000, as long as that assumable portion is the majority of the price, believe it or not, it usually still makes sense.

You will still save anywhere from 500 to $1,000 per month for the next 25 years, even on a home where you have to come up with a second mortgage to help bridge that equity gap. And we actually have found the best lenders in the US who offer the lowest rates on second mortgages that are available for assumptions.

And sadly, most lenders don't want anything to do with assumptions since they don't make money and they don't even want to help people access the second mortgage options, much less they wouldn't know how to find the lowest rate second mortgage options because they're pretty obscure. But luckily we're all very nerdy and very obsessive at assume list.

Well, and that, that brings up a great point because to your point, so many mortgage lenders and banks out there do not want to subordinate to another mortgage.

And that is one myth that a lot of people think that if I don't have the money to cover the equity gap, which a lot of people struggle just to put together a down payment that makes an assumption unachievable. But you guys have found a way to to bridge that gap.

We're very proud, we've worked very hard and we can help people who have. If as long as you have a 10% down payment, you will be in a very good position to execute on an assumption.

The question of which home and what the cash gaps are, you just have to run the numbers and weigh the options, right? Because it's like any other Home purchase. Occasionally it even makes sense.

Our lenders have products that are available where they only have to put 5% down.

But it doesn't always make sense to do that because the 5% down, the second mortgage lender generally assesses the risk to be quite a bit higher if there's only 5% cash, 5% equity. So then they charge a much higher rate that often eats away at the savings. So we generally recommend that folks bring at least 10% down.

Okay. And can you walk us through the process from a buyer's perspective?

Yeah. So I'm a buyer and I'm listening to this selling St. Pete podcast, right?

And if I'm in the St. Petersburg Tampa area, I should absolutely get in touch with Nicole Saunches and say, nicole, I am desperate. I've been needing to move for a while. You know, my house is too big, I've got a downsize or I'm pregnant with my third child. We've got to upsize.

We're in this three, three bedroom, tiny little place and we're about to have three kids. Oh gosh. Right. And Nicole will say, no problem. Here, sign this buyer agreement.

And as soon as you sign your buyer agreement, here is your free buyer sub account that will allow you to search the entire state of Florida for assumable properties. And that's all FHA and VA properties across the entire state of Florida. Once in a while, USDA property too.

Now if you're outside of the St. Pete Tampa area, you should call me because I've got agents across the United States and I can connect you with agents in 26 states. I can actually connect you with agents in all 50 states. Assumeless covers 26 states and 55 metro areas.

So you should absolutely work with an assumeless trained agent. Nicole is an assumeless trained agent. She has attended my trainings.

Once you are connected to a knowledgeable agent, that agent will sign a buyer agreement with you. They will give you that free buyer sub account so that you can search the entire area that you're looking in.

And then as you're searching, you and your agent will discuss what homes come up and what's exciting. You will.

At some point in the early stages, you will get pre approved with probably our assume list preferred lender because he will be able to pre approve you for both a primary and a secondary mortgage, which is really important because we want you to be so bulletproof for that assumable offer. We want you to be able to compete and win. When you're competing with non assumable offers. On an assumable home.

Also, another reason to work with an assume list trained agent is that our agents know how to educate other agents in the marketplace. Because 99% of agents in the US have never done an assumption. And most I'm part of. Right. You're very special.

Nicole.

Nicole, part of the 1% and most agents. And Nicole, you and I were chatting about this on the phone earlier. Right.

Most agents are very negative towards assumptions because it strikes them as a financing topic. So who do they call on financing? They call their local lender. And what does their local lender say? Oh no, you don't want to go anywhere near those.

Part of the reason is the local lender will earn $0. And part of the reason is that the local lender has heard these stories of assumptions that take six months, 12 months. Right.

Assumptions that take six months and then get denied. Right.

And that's why we at assumeless built our transaction management team so that we close every assumption in 60 days or less and we've never had a turndown. And we will tell you up front, we'll look at everything and we'll say you're not going to get approved. Try a different way. Right.

And we have other ideas for you. Our lenders are very creative and all of our assume list trained agents have a lot of resources to share. Assumptions are not the only path.

But we will be very straight with you about your chances of being approved. That way you don't waste your time. Right.

So then Nicole, or whoever your assumeless trained agent is will call the listing agents for the homes that you are interested in and we'll start explaining and educating them about how great the assumable process is since they are working with assume list and it's not just being out in the wilderness with the scary shenanigans of the bank resistance. Right.

Nicole will get your listing agent excited, will help your listing agent get trained by me, will probably bring that listing agent on the home you want to one of my Q and A's, which I lead every day, five days a week. And then that listing agent and Nicole will negotiate a deal. Then you get under contract and it's exciting.

You're about to buy a home with a 2 and a half or 3% mortgage and maybe you're getting a second mortgage and that makes your blended rate something like 3 and a half or 4 or 4.25% and you're saving 300amonth or 500amonth. You're really saving real money. Then we will work very closely with you to make sure you've got all of your documentation ready to go.

Our transaction management team will call and email the assumption service team for that particular servicer every single day, multiple times a day, until it's done. Again. We've never gone longer than 60 days. Sometimes we do it in 30 or 45 and then we get the clear to close.

Right?

And of course, there's back and forth throughout the 30 to 45 or 60 days. Right. They'll ask for extra things. They're trying to make it hard on you. They're trying to look for a reason to deny you. But we are combat ready.

Right? And so you'll get approved.

That is amazing. And can we talk about what percentage of mortgages today are below 5%?

Great question. 70% Of homeowners in America have a mortgage below 5%.

It's incredible.

It's huge, right? So many people either purchased or refinanced during those precious low rate years.

And how many mortgages that are assumable are advertised as being assumable?

Oh, great question. Sadly, fewer than 5% of the assumable mortgages that are assumable are advertised as being assumable.

In fact, the most common thing that my assume list trained agents hear when they call the listing agent to say, hi, you know, I've got this wonderful highly qualified buyer that's very interested in your property and also interested in assuming the mortgage on your property. The first thing they hear from the listing agent is, oh, that mortgage is not assumable.

Most people, most listing agents and most owners do not even understand, do not even know that they are sitting on this incredibly valuable thing called an assumable mortgage.

Yeah, gold mined, gold mine. So let's shift over to the seller side. Why would a seller want to offer an assumable loan to a buyer instead of just selling?

Normally for several reasons.

If you advertise and promote your assumable mortgage and you do it with a savvy agent like Nicol, or if you do it in a thoughtful way, the idea is to create a huge frenzy, right? A lot of buyers getting excited. Right?

And actually we at assume list have a service where the seller usually pays a little extra and we do a little bit of extra Magic to our networks and we get people even more excited about your new listing. So the idea is to create a bit of a feeding frenzy and have many buyers go, oh my gosh, oh my gosh, oh my gosh.

I can buy this beautiful home and I can get it with a two and a half percent mortgage. That's insane. I'm so excited right now.

What you want with that feeding frenzy is you want the buyers to compete, because when the buyers compete, what happens? The price goes up.

In fact, I have seen many assumable mortgage bidding wars where the price went up by 20,000 above list price, 30,000 above list price. It's also very smart to price just below market value. Unassumable. Right. So you get more people attracted to it.

There's one bidding where I saw that was kind of crazy. The home ended up selling for 200,000 above list price in an all cash offer.

So it was, there was just so much excitement, so much feeding frenzy, and there were five assumable offers. And then this cash buyer came in and blew them all out of the water. And so the seller couldn't say no to 200,000 above list price, obviously. Right.

So it wasn't even an assumable offer that won, but it really makes your home stand out. And so it's an incredible tool. Whether you end up closing on an assumption is almost not relevant. It's about getting a lot of people excited.

Yeah. And is we talked about how the price can, or an assumption can increase the price. Is that the. The only upside for sellers?

So one thing would be price, another thing would be interest and speed. The big nightmare for sellers is they go to market, they launch, they have a big opening weekend, and then crickets. Right.

And then they're on for two weekends and then three weekends and then 30 days and then 60 days and then 120 days. And now the vultures are circling. Right. And people are coming to them asking,.

What's wrong with it?

Right. What's wrong with the house? There must be something wrong. Right. And then people are offering these terrible lowball offers. Right.

So speed is a really crucial element in getting home sold. And so having the assumable excitement add to the speed at which buyers come. See, Right. That's a really important element.

It's sort of an insurance policy against that whole, what if my home just hits the wrong moment and sits on the market for 120 days and starts getting vulture offers, you know?

Yeah. What should a seller ask their agent before agreeing to let a buyer assume.

A loan, they should ask their agent, have you attended at least three of Nora Simpson's Q and A's?

Because there are a lot of nuances and a lot of details, and you want to make sure that your agent is very educated in all of those nuances and details. You want to make sure that you are educated in all those nuances and details.

Because selling your home is one of the largest moments of the highest value assets that you will ever have in your life. Right. You're only going to have so many, maybe five or six total in your whole life.

So when it's time to sell, you want to make sure you're very educated. So you want to make sure your listing agent has come to my trainings and asked lots of good questions.

And I would strongly advise that you come to my training so that you can ask all the questions too.

Yeah. When things slow down or fall apart, where does it get stuck? Is it usually a lender or the servicer or pay paperwork or something else?

Human error is the number one issue. Right. So you can find a way to throw a wrench in things because of human error any day of the week.

If you're working with us at assumeless, we will make sure that you have all the resources you need. If it's before we get to the bank. Once we get to the bank, there's a whole nother level because the bank is not just making errors.

The bank is actively trying to stop you.

So with that, we try to help buyers and sellers, but it's more important that the buyers have all of their paperwork ready to go and that both buyers and sellers are very ready to be responsive when it comes to signing all the appropriate papers. Because there's all these releases and things like that that both buyer and seller have to sign. And any delay on the part of the buyer or the seller.

Right. Like the seller just. It doesn't get to it for three days, that creates delay. Right. So that human error is painful.

Then when you're actually dealing with the bank, the bank is often wrong about regulations. The bank will say, oh, no, you can't assume this VA loan because you're not a veteran. No, the veteran has agreed to leave behind.

Entitlement like this is completely legit. And we have to educate the bank employees. A lot of the time. I can help people on the agent side, the buyer side, the.

The seller side, I can help people get ready. I have the best lender that I can connect you with who really knows what they're doing. If the lender drops the ball for even an hour.

I call them because Nora is very nerdy, obsessive and rigorous. Right. So no one's perfect, but we are very on top of our game. We do not like to let threads get lost.

Once the bank is in the application package building, they'll say, oh, we need this. They'll tell you, oh, we need these five things. We'll submit those five things. Oh, we also need these three more things.

And you might be surprised at some of the things they ask for. Right. And so we try to prepare people as best we can. We're always learning ourselves.

We had a situation where we had a mother and son buying a home together. The mother already owned a lot of property, had a high income, had plenty in the bank.

The son had a great dti, a great income, and they could absolutely qualify for it together. But the son had been renting. And so we submit everything we think they need, and then they say, oh, we need a copy of the son's rental lease.

Well, the son's been renting from a friend and the friend doesn't want to make a lease. Okay, so we need, we need copies of the bank statements showing that he made the rental payments every month for the last two years.

Well, the rental payments, when he made them, he combined it with utilities, so. So it's a different number every month. Now the bank is very suspicious. Right. So we had to work through that. That taught us a lot.

That taught us that if we have a buyer who's got a rental history and not a mortgage history, that we're going to need to make sure they have their lease and their rental history ready to go.

Right.

Will it always be asked for? Probably not, but you never know because the bank is looking for reasons to find you unqualified. So it becomes a back and forth.

It's not a fun process, but we are so combat ready and we just don't give up until we get to the finish line.

That's awesome. So given everything we've covered, why do you think assumptions still have a reputation for being complicated or not worth it?

The banks are very wealthy. There's a lot of them. They have a lot of employees, they have a lot of lenders.

Most real estate agents do not think of themselves as financing professionals. They think of themselves as contract and home price and people management professionals.

So most real estate agents are looking for guidance on financing from lenders.

Most lenders are going to be very negative on assumptions and they're going to play up all the cautionary tales Many of which, if not all, all are true. If you don't work with a zoom list.

We are just this crazy group of people who work on this, on these issues night and day because we believe that consumers should be able to save money in an economy where things are sadly very high priced and unpleasantly inflating.

Which is crazy because you look at the 70 year history of interest rates and we're at, we're actually below the average. But, but six and a half percent is below.

Yeah, and, but when you.

Right. But when you compare it to historically low and artificially low interest rates, it.

Feels really hard for anyone which to rationalize leaving behind a 2 1/2% mortgage for a 6 1/2% mortgage.

Just it history and economy, all of the historical and economic analysis, you can do it till the cows come home, but if you're going to have to pay thousand to $2,000 more per month for the exact same kind of house, or even more if you upgrade and still more if you downgrade, like, not that you might get a cheaper house if you're downgrading, but if you've got a six and a half percent mortgage, you might end up paying a higher mortgage payment each month than you were in your two and a half percent. So it's just really painful.

It would be like shopping at the discount grocery store if somebody just said to you, you know, you should absolutely just stop shopping at the discount grocery store and only shop at the most expensive grocery store. How does that make sense if the food is more or less the same, you know,.

Well, and around here? And I know we're not an anomaly, but the pandemic really drove up prices.

And have not come down.

As well. So I want to. I have a new segment called Myth or Fact and I'm gonna read out a statement and you tell me if it's a myth or a fact.

And if it's a myth, if you could provide.

I love it. Yeah, that sounds like a lot of fun.

Okay, statement number one, only that can assume a VA loan if the veteran,.

If the veteran owner is willing to split off the portion of their VA entitlement that is tied to the property, then anyone can assume that VA mortgage.

In fact, unlike FHA mortgages and unlike VA to VA mortgages, when you assume a VA mortgage as a non veteran, you can assume it as an investment property. So investors love VA assumptions where the veteran is willing to leave behind the portion of their entitlement tied to the property.

And at assume list we have a VA Entitlement calculator. We're the only people in the world that that do the VA entitlement calculation on the website for every single property.

And in my Q and A every day, I talk about how VA entitlement works.

And that means because VA entitlement is so much more flexible than most veterans even understand, the veteran leaving behind that portion of their entitlement can absolutely go buy another house with the remainder of their VA entitlement, even if the house costs more than the remainder of their VA entitlement. So come to one of my Q and A's and you'll learn how it works.

And it's so cool because there's all these people across America who have VA mortgages, both investors and homeowners now because of Assume List, helping them learn how to do the VA to non va. That's amazing.

And that sounds like another podcast episode. Yes, let's do another one about VA entitlements. Okay. Statement two, you have to bring the entire equity gap in cash when you close.

Myth Again, myth.

Because of the work we at Assume List have done, there are folks who told me, well, I looked into assumables and there were no lenders who were willing to give me even a shot at a second mortgage. Right. They said, our second mortgages are only available to you when you already own the home.

We would never make a second mortgage available at purchase or at the closing table.

So we did the work and we, we worked really hard and it took a long time, but we found the lenders who make these second mortgages available to you at the closing table at purchase, and we found the lender who can get you the lowest rate. So you actually really only need 10% down in order to achieve the assumption.

That's amazing. Okay. Statement three, mortgage assumptions always take six months or more.

Also a myth, but true if you don't work with a zoom list. Our transaction management team has never had a turndown and we have never gone longer than 60 days. So you should definitely work with us.

But I would say that the good, the very, very successful mortgage assumptions that don't use us, where everything just, everyone gets lucky and everything goes well and no weirdness happens and every person is more or less perfect the whole time. The best ones take four months and everybody else takes six months or more. So it's half true.

Because if you don't work with us, that will be your experience.

Yeah.

And I can say, like I said in my previous one, it was four months and thankfully it was seamless and the buyers moved in and paid the seller's mortgage during those four months. But I would love to do them in 30 to 60, 60 days. That sounds.

Yes. We love helping people do that.

Yes. Okay, next statement. Sellers lose money by offering an assumable mortgage Myth.

Total myth. Sellers only have gains coming to them when they offer the assumable mortgage. The assumable mortgage is a huge value add on your property.

More buyers, more potential buyers will be interested. More potential buyers will call your agent. There will be more people at your open house. There will be more excitement about your listing.

Whether you end up selling with an assumption as part of the transaction or not, the assumption will always strengthen your ability to sell at a higher price and hopefully in a speedier time frame.

Yeah. Okay. Two more.

Okay.

FHA assumptions aren't worth the hassle.

I think that's a myth because FHA assumptions. Now there is a difference between FHA and va. VA has no mortgage insurance and never does.

But that PMI only amounts to usually around 100 to $150 a month. So if you find a home you love and it's got a 2 and a half or 3% mortgage, it's 100% worth it because the seller loses nothing.

The seller actually gains what the seller gains other than all the good things about selling their home. If the seller wants to take out a new FHA mortgage when they buy their next home, they can take it out in that same town.

Because the rule for FHA is that you can't own two properties with an FHA mortgage within 100 miles of each other.

Okay, that's good to know.

So any FHA home buyer who does not have, or I should say any home buyer that does not have a home home they own with an FHA mortgage within 100 miles, any credit worthy home buyer can assume that FHA loan. So that's a much wider opportunity than the veterans who are willing to leave behind entitlement.

The veterans who are willing to leave behind entitlement only comprise about 20 to 25% of VA loans. Now the good news is there's a lot of VA loans. So 20 to 25% is still a lot. But especially in Florida, something like 60% of your assumables are FHA.

So yeah, it's really worth it to do the FHA.

Yeah. And then lastly, assumptions only work on inexpensive homes.

Oh, actually assumptions are better on the higher priced homes. The higher the price of the home, the higher the savings.

Generally with three hundred thousand or four hundred thousand dollar homes or even lower, you're only going to save a couple, couple hundred bucks a month, which is important and valuable. It's a serious percentage. Right. It might be a 10 or 15% savings, so that's great.

Wow, that is a lot of money.

It is. And I've seen it be higher. I've seen it be you're. You're going to save twelve hundred dollars a month. Yeah.

Well, I thank you so much for all of this.

We could go on for days talking about all of the great benefits of mortgage assumptions and I look forward to having you on again many times in the future.

And for listeners, if you're a buyer, the big takeaway is don't assume you're priced out until you've asked for whether a loan on that home is assumable. And if you're a seller, don't assume offering a mortgage costs you anything because it might be your biggest selling point.

Can you remind people where they can find you and assume list?

Absolutely. So you can find, you can find [email protected] you can register for my daily Q and A. If you want to meet me and talk to me.

I am on that daily Q and a for five days a week at 11am Eastern, 8am Pacific. There's a registration link right there on assumeless.com. There's a picture of me with very short hair. I had a little pixie cut when I got that.

When I got that. That headshot taken, click on the Join the training now. You can also go to homes. Assumelist.com learn to get right to the registration page.

Or if all of this is too confusing, just send an email to Nora N o r a sumelist.com and assume list is spelled A S S U M E l I s t.com.

And I will include all of that information in the show notes. Wonderful to make it easy for everyone. Thank you again so much for joining me.

I'm Nicole Saunches and this has been selling St. Pete's thanks for listening.