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These Cheap Loans are Becoming a Hit With Home Buyers. But There are Catches.
Washington Post, July 27, 2024–Michele Lerner
More and more buyers are discovering cheap financing through a once-obscure workaround — assumable mortgages. These loans let borrowers take over, or assume, their sellers’ mortgage. But there’s a caveat: This option is available only for loans backed by government agencies such as the Federal Housing Administration and the Veterans Affairs Department.
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