Finance
In Michigan, an 'assumable mortgage' means the buyer:
AAutomatically qualifies to take over any existing mortgage
BCan take over the seller's existing mortgage, subject to lender approval✓ Correct
CMust refinance the property within 1 year
DCan assume only FHA mortgages, not conventional
Explanation
An assumable mortgage allows the buyer to take over the seller's existing mortgage at its current rate and terms, subject to lender approval and the buyer qualifying. FHA, VA, and some older conventional mortgages may be assumable.
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