Posted on: 28th Nov, 2009 09:35 am
my aunt in law is 68 yrs. old. she and her husband are separating. she can not afford the payment when he leaves.
my husband and i want to move in and take over the payments.
my husband and i want to move in and take over the payments.
Hi,
You and your husband can assume the mortgage and take over the loan payments. But with a credit score of 480, I doubt if the lender will at all allow you to assume the loan. How good is your husband's credit? Can he qualify for the simple assumption? If he can, he should assume the mortgage and get the title to the property in his name. Then, once your credit improves, he can add you to the mortgage as well as the title.
You and your husband can assume the mortgage and take over the loan payments. But with a credit score of 480, I doubt if the lender will at all allow you to assume the loan. How good is your husband's credit? Can he qualify for the simple assumption? If he can, he should assume the mortgage and get the title to the property in his name. Then, once your credit improves, he can add you to the mortgage as well as the title.
Yes, you must qualify just as if you were purchasing any other home. There are still guidelines which must be followed. As stated above, if your husband has a higher score you may have a chance. I hope this helps...
