What is an assumable mortgage?

An assumable mortgage lets a qualified buyer take over the seller's existing loan, including its interest rate and remaining balance, instead of originating a brand-new mortgage. Most conventional loans are not assumable, but many government-backed loans such as FHA and VA loans can be, subject to the buyer qualifying with the current lender. The buyer typically needs to cover the difference between the loan balance and the purchase price in cash or a second loan. Brian Beatty can help identify which current Lowcountry listings actually carry an assumable loan before a buyer builds a strategy around it.