Q: If I have a FHA loan now, can I assume another FHA loan?
A: I don’t believe that an FHA loan is an assumable loan. Make sure you check with the company holding the ‘paper’ on it. As far as I know, V.A. loans are the last of the assumable bunch (with a few exceptions). There still might be some ‘old’ loans ‘out there’ that are assumable but the balance will be low & the difference between the balance & the sale price may be too much of a variance to make it realistic. Consult with your Realtor for some ‘creative’ ways to assume a low balance with a second mortgage or purchase money mortgage.
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