Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

That's right Nats, existing 1st lien mortgages use to be assumable by the new buyer. I did this on a house in a home purchase in 1990, when I worked at Fannie Mae, the mortgagee said, "here fill out this form to make sure you qualify", I told the banker to go pound sand. Eventually we went to closing with me putting 10% down and assuming the FHA first which was a 1 yr arm.