10/05/2026
A 5.50% FHA mortgage. In 2026.
And a qualified buyer may actually be able to take it over.
We've just repositioned 2830 Long Leaf Pine Circle in Grayson Park at $441,000, with the seller offering $7,500 in concessions.
But here's the part that makes this one especially interesting:
The seller's existing FHA mortgage has a 5.50% interest rate, and we've confirmed that the loan is assumable by a qualified buyer.
So, what does that actually mean?
Rather than obtaining an entirely new first mortgage, an approved buyer may be able to take over the seller's existing FHA loan, including its 5.50% interest rate and remaining balance.
We spoke directly with an assumption specialist about this loan, and there are a few things worth knowing.
Do I have to already have an FHA loan?
No. A buyer can apply to assume the seller's existing FHA mortgage. The buyer still has to qualify and receive approval.
Do I actually get the seller's 5.50% interest rate?
With an approved assumption, the buyer takes over the remaining FHA mortgage and its existing terms, including the interest rate and outstanding balance.
What happens if the mortgage balance is less than the purchase price?
That's called the equity gap. The buyer has to account for the difference between the remaining mortgage balance and the purchase price. For this particular loan, we've been advised that gap financing may be possible, with a minimum cash contribution of 10% of the purchase price. Any secondary financing would have its own qualification and approval requirements.
Is the assumption automatic?
No. The buyer must qualify, and the assumption has to be processed and approved through the existing mortgage servicer. Assumption Solutions notes that the process includes buyer eligibility, documentation and working with the existing servicer to transfer the FHA loan.
And then there's the house itself...
3,116 heated sq ft • 4 bedrooms • 3.5 baths • two primary suites, including one downstairs • large upstairs loft • fenced backyard with wooded buffer • covered patio • refrigerator, washer & dryer included.
2830 Long Leaf Pine Circle, Leland
$441,000
$7,500 seller concession
Assumable FHA mortgage at 5.50% for a qualified buyer
If you've been looking in the Leland area and 5.50% got your attention, send me a message. I'll be happy to explain what we know about the assumption and connect you with the appropriate professionals to determine whether it could work for you.
Brett Neville, REALTOR®
Neville Realty Group
Mortgage assumption and any secondary financing are subject to buyer qualification, lender/servicer approval, and applicable FHA requirements. Financing information is provided for informational purposes only and is not an offer or commitment to lend.
Active 2830 Longleaf Pine Circle Leland, NC 28451 $441,000 4Bedrooms 4Bathrooms 3,116Heated sqft 2022Year built Grayson Park Subdivision Single Family ResidenceProperty subtype Neville Realty GroupListing office Brett NevilleListing agent BrunswickCounty 0.21 acres Lot size About the property A pote...
