Posted on: 24th Mar, 2010 05:07 am
Is a non family member able to purchase a home (assume the mortgage) using a non qualifying assumption product ?
Hi Scott,
Assumptions do not quite work in situations where you want to purchase a home. A non qualifying simple assumption is applicable in situations where a spouse is taking over the mortgage responsibility in a divorce or if a person is trying to take over the loan from his deceased co-owner, etc. Whether or not you are a family member, lenders would always want you to get a new loan in your name while purchasing the house. They are unlikely to allow you to assume the mortgage if you are purchasing a home.
Assumptions do not quite work in situations where you want to purchase a home. A non qualifying simple assumption is applicable in situations where a spouse is taking over the mortgage responsibility in a divorce or if a person is trying to take over the loan from his deceased co-owner, etc. Whether or not you are a family member, lenders would always want you to get a new loan in your name while purchasing the house. They are unlikely to allow you to assume the mortgage if you are purchasing a home.