How to Assume a Low-Rate FHA Mortgage in 2025: Chris Ryba’s Real Estate Success Story
- Ien Araneta
- Aug 6
- 3 min read
If you’ve wished you could “borrow” someone else’s 3% mortgage, here’s a real, recent Upstate story that shows how it actually plays out—paperwork, pizza bribes, and all.
Stan McCune (host of the Selling Greenville podcast) sat down with client-turned-guest Chris Ryba to unpack how Chris and his wife assumed an existing FHA loan on a Greenville-area home in mid-2025. It wasn’t a layup—but the payoff was huge: a sub-3% rate, no new origination points, and about 25 years left on the note (the most interest-heavy years already behind them).
FHA Mortgage Assumption
Chris didn’t land a 2-something percent rate by time-traveling—he assumed it. This post breaks down how an FHA mortgage assumption actually played out for a real buyer in Greenville, with Stan McCune hosting the conversation on Selling Greenville.
Why Greenville—and Why Now
Chris and his wife had lived in Savannah and spent a year in Costa Rica. While abroad, he searched “Greenville real estate podcast,” found Selling Greenville, and started bingeing Stan’s episodes. The city’s size, lifestyle, and growth story checked their boxes. They came back to the U.S. ready to buy—if they could make the numbers work.
How They Knew the Loan Was Assumable
Using the DealMachine app, Chris saw the seller’s existing FHA loan—often assumable. The listing agent and seller weren’t 100% sure (that’s common), so Chris pulled the servicer’s assumption info and confirmed there was a formal process. He also peeked at sites like Rome for signal, but went DIY with a traditional agented deal.
The Offer Strategy
The house hit the market and moved fast. To win the seller’s attention—and leave room for the low rate—Chris wrote two offers:
A standard financed offer at a lower price.
A higher-price offer with an FHA assumption.
That second option let the seller net more, while Chris captured the sub-3% rate. Timing mattered: on day one, a stronger price with an assumption beat a lower financed offer.
The Approval Process
Once under contract, the lender assigned an assumption coordinator. The application felt like a normal mortgage file—income, assets, credit, rental history—just with the end goal of replacing the borrower on the existing note.
Communication wasn’t glamorous. Chris took an “extreme ownership” approach: polite, persistent check-ins about every 48 hours, supplying docs fast. One curveball: verifying a full year of rent in Costa Rica (Spanish-only landlord, time zones, you name it). Friends on the ground helped, pizza was exchanged, paperwork got signed. From ratification to close took about eight weeks, longer than a typical 30-day close but within what the servicer projected.
Costs, Terms, And Payoff
This is where assumptions shine:
Assumption fee: $400 (per South Carolina limits in the episode’s discussion).
No new origination points.
No appraisal required by the servicer in this case.
25 years left on the existing 30-year loan—so the priciest, interest-heavy years were already behind them.
PMI stays for the life of an FHA loan; even so, the sub-3% rate and shorter remaining term easily outweighed it.
Bottom line: the monthly outlay compared favorably to renting, while a big chunk of each payment now goes to principal.
Who An Assumption Actually Fits
An assumption isn’t magic; you must bridge the gap between today’s price and the seller’s remaining loan balance—often with significant cash at closing. FHA assumptions are for owner-occupants (as noted on the show). The conversation also touched on VA and USDA assumptions showing up in today’s market, with program rules differing and evolving; if that’s on your radar, confirm specifics with the servicer for the actual loan on the house you want.
Lessons From The Trenches
Expect more coordination and less hand-holding from the lender than a fresh mortgage. Be ready to hunt down verifications quickly (especially if you’ve moved a lot). And if you’re writing offers, understand that price + patience can be the combo that wins the seller’s signature when you’re asking them to wait out an assumption timeline.
Watch or Listen to Selling Greenville
Subscribe to the Selling Greenville podcast for real-time insights, bold perspectives, and unfiltered takes on the Upstate housing scene. Whether you’re buying, selling, or simply watching the market unfold—this is where Greenville goes to stay informed.
The Bottom Line
When a home with an assumable FHA loan lines up with your finances, it can turn a 7% world into a sub-3% payment—without the early, interest-heavy years. You’ll need cash to cover the equity gap and the patience to navigate a slower close, but for Chris, the math and momentum were worth it.
Ien Araneta
Journal & Podcast Editor | Selling Greenville
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