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Coming Soon - 2.875% Assumable FHA loan in Cypress

3,664 Views | 17 Replies | Last: 2 yr ago by Red Pear Realty
Red Pear Realty
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1:14p, 7/11/23
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I will be pressing "go" on a listing in Cypress on Thursday, but wanted to give you all a heads up on it before it comes to market because it has assumable financing at 2.875%. Anyone interested in a great interest rate like that for your new home? Here are the details:

14911 Chestnut Falls Dr, Cypress, TX 77433
3 bedrooms / 2.5 baths / study / generous back yard and a 10 acre park about a block away
Asking $300,000
Loan Balance - approximately $202,000
Interest Rate - 2.875%
Sellers TOTAL PITI payment is $1,779.60
Dropbox link for pics here.

My contact info is in my profile if you are interested in discussing this one!
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Sazerac
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2:05p, 7/11/23
AG
Sq ft?
What will it rent for?
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SteveBott
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2:41p, 7/11/23
AG
So the buyer would need 100k down payment?
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Red Pear Realty
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In reply to Sazerac • 2:51p, 7/11/23
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AG
2,029 SF house and 7,380 SF lot per HCAD.

I'm happy to send you everything in my typical format for investors via email, but here are the stats for the 16 closed lease listings from HAR for the neighborhood for the last year:


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Red Pear Realty
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In reply to SteveBott • 2:52p, 7/11/23
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SteveBott said:
So the buyer would need 100k down payment?
Or a second loan. You know any good lenders who could do that?
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idAg09
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In reply to Red Pear Realty • 4:22p, 7/11/23
Are assumable mortgages only for primary residences?
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SteveBott
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In reply to idAg09 • 4:32p, 7/11/23
AG
In general no. But FHA has some few exceptions so final answer is details of that specific loan. FHA changes rules over time so that is my best answer.
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texpert68
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5:07p, 7/12/23
AG
Seems like this is a slam dunk opportunity…what am I missing?
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Red Pear Realty
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In reply to texpert68 • 5:35p, 7/12/23
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There is no catch here. We marked this as "coming soon" and sent out an email blast for it today….and my phone has been blowing up all day since. I know this seller is a redass Ag who would love to sell to another Ag. Once this goes "active" on Thursday, I don't think it will last long. Bring us an offer!
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aggiepaintrain
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7:22p, 7/12/23
AG
$50k over asking?
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Red Pear Realty
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7:36p, 7/12/23
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You know that scene at the end of Dumb and Dumber where the bus full of bikini models pulls over and tells Harry and Lloyd that they need two guys to oil them up before their competitions, and Harry and Lloyd argue over which direction the town is where they can find those two guys, and as the bus pulls away, Lloyd looks at Harry and says, "Some guys have all the luck!" ?

Don't be Harry and Lloyd.
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Red Pear Realty
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In reply to aggiepaintrain • 12:29p, 7/15/23
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First offer received; over asking price.
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idAg09
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In reply to Red Pear Realty • 3:59p, 7/15/23
Red Pear Realty said:
First offer received; over asking price.


Did you accept and was the loan assumed?
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Red Pear Realty
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In reply to idAg09 • 4:09p, 7/15/23
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We are still accepting offers.
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jja79
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9:45p, 7/15/23
AG
Will FHA allow a subordinated second lien on assumptions?
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Jay@AgsReward.com
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In reply to jja79 • 9:34a, 7/16/23
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Yes, surprisingly, you can. We have done it a few times providing the seconds.


https://www.hud.gov/sites/documents/4155-1_7.PDF
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Sea Speed
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In reply to Jay@AgsReward.com • 12:51p, 7/16/23
AG
So how would a down payment work in this situation? Would you have to put x% down on the second loan? Would that amount need to be equal to a certain percentage of the sales price or the second loan?
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Red Pear Realty
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2:37p, 7/18/23
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This one is under contract.
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