Housing affordability is at its lowest level in more than  a decade, according to the National Association of Home Builders (NAHB), and there are few ways to circumvent the rising costs of housing. 

Mortgage assumption is a niche option that gained momentum in 2023. An assumable mortgage enables a qualified buyer to take over a seller’s mortgage terms, including the existing balance and interest rate. Typically, the fees are lower than those for new loans and no appraisal is needed. 

In 2023, the Federal Housing Administration (FHA) and the U.S. details ⇒