Posted on: 16th Oct, 2008 02:20 pm
My Husband passed away In April and was the sole Loan and Deed holder on our home. I would like to assume the loan so that I might keep our home. There was no will. He has 2 children. They have signed quit claim deeds and would like for me to keep it. What are the chances I would be able to assume the loan? It is a FHA loan - 30 year fixed.
hi m_wheeler!
welcome to forums!
to assume the loan you will have to refinance the loan. even lenders prefer this type of transfer. you can speak to your lender and he will tell you the details about the refinancing procedure.
feel free to ask if you have further queries.
sussane
welcome to forums!
to assume the loan you will have to refinance the loan. even lenders prefer this type of transfer. you can speak to your lender and he will tell you the details about the refinancing procedure.
feel free to ask if you have further queries.
sussane
I've been given mixed information on assuming an FHA loan from someone that wants to sell their home. Can this be done and if so what's the process for this?
Thank you
Thank you
Hi lagear!
What kind of mixed information have you got? Kindly share the details. As far as assuming FHA loans are concerned, you can definitely assume them and it may also result in a lower interest rate. The lender will do a credit check and no property appraisal is required. You will have to show that you have enough income to support the mortgage loan. Thus, qualifying for assumption of a loan is similar to the qualification requirements for a new mortgage loan.
Thanks.
What kind of mixed information have you got? Kindly share the details. As far as assuming FHA loans are concerned, you can definitely assume them and it may also result in a lower interest rate. The lender will do a credit check and no property appraisal is required. You will have to show that you have enough income to support the mortgage loan. Thus, qualifying for assumption of a loan is similar to the qualification requirements for a new mortgage loan.
Thanks.