I’ve done it once, and honestly, I wouldn’t call it a shortcut at all. The paperwork grind is real—felt like I was jumping through just as many hoops as a regular mortgage, maybe even more because the lender kept double-checking everything. The only reason it made sense for me was the rate: the seller had locked in at 2.75%, and there’s just no way I was going to get that on a new loan last year. That kind of savings adds up, but if the rate difference isn’t huge, I don’t see the point.
One thing nobody really talks about is the timeline. It took almost three months to close, which was longer than my last conventional purchase. Plus, you’re still on the hook for upfront mortgage insurance, and the process isn’t exactly transparent—lots of back-and-forth with the servicer.
If you’re chasing a killer rate from a couple years back, maybe it’s worth the hassle. Otherwise, I’d say don’t expect it to be some magic backdoor into homeownership. It’s just a different flavor of red tape.
That’s pretty much my experience too. I tried assuming an FHA loan last year and, honestly, it felt like a marathon of paperwork and waiting.
Couldn’t agree more. The only upside for me was locking in a 2.6% rate, which made the hassle worth it. If the rate isn’t a game-changer, I’d just go the regular route. Not much “shortcut” about it.“The paperwork grind is real—felt like I was jumping through just as many hoops as a regular mortgage, maybe even more because the lender kept double-checking everything.”
