What types of loans are assumable?

Conventional loans are not assumable.. If your mom takes her name off the deed and transfers it to you, the lender could call the note due and payable.. if you do not have the funds to pay the balance in full if this happens, then I would not attempt this strategy. It is true that if the payments are made on time, there probably wont be an issue if she deeds it to you, however there's no guarantee.. Your mother could add you to the title.. typically, lenders will allow the addition of other owners, so long as one or more of the original borrowers remains on title. This would be the better way to go if you wanted to take over the loan, and it would not breach the original contract.. keep in mind that regardless of which way you choose to go, your mom will still be liable for the mortgage until it's paid off... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No, the conventional loan is not assumable. What does your mother want to do with this propety? Linda Miller 801.550.1222

Conventional loans aren't assumable. FHA loans are but you still have to quality and bring in the difference between the balance and the purchase price. Gifts of equity are possible as well with family. Happy to answer any additional questions on your options if you want to contact me.

You may want to take over the loan, and just start to make on-time payments. As long as the ownership title is in her name, there can not be a call for payment in full, called "due on sale". Most lenders will not call the loan due, even if you transfer ownership, as long as the payments are made on time.

FHA, VA and USDA are assumable subject to certain conditions. Conventional loans almost always are not but check your Note to be certain. Other than that Mr. Acres comments are spot on.

Sorry my friend but conventional loans are not assumable. I suggest you follow William's advice.

Conventional does not offer assumable loans. However, with assumable loans you still have to qualify and usually the debt to income ratios are standard. Meaning, if you can qualify for a an assumable loan you most likely can qualify for a new loan. Check out Williams explanation for some other options. Best wishes, Sean

Basically government loans (FHA, VA)are usually assumable WITH QUALIFYING. In other words, someone assuming the loan has to prove they are capable of taking over the loan.