Situation: Currently have FHA mortgage, and have been in it for 3 yrs and have occupied property as a primary residence.
Objective: Want to sell my house, and owner finance it. I want to keep paying my FHA loan (it’s at 6%) so I could charge a slightly higher rate to the buyer.
Questions: Can this be done? Is it legal? Has anyone else done it? Thoughts? (I am in Texas)
Thanks everyone.
I’m in the process of doing the same thing. I talked to a lender today and we went over it for a while apparently last week the bank they used for wrap-around loans stopped doing them. I found this http://www.mtgprofessor.com/a%20-%20wrap-around%20mortgages/what_is_a_wrap-around_mortgage.htm website and only VA and FHA are doing them now. So I would say talk to a lender and or an attorney and get it rolling. Are you in Houston?