Is it possible today to assume a mortgage??

Question

If it is, then how much does one's credit rating factor into the feasibility of assuming a mortgage?

Answer 1

As long as the loan is assumable you can.  What most people don't realize it that the new borrower still has to qualify.  

Answer 2

You qualify the same as any other buyer, you just get the buy down, so it can be a good thing.

Anyone selling you information on assuming without credit, etc, is running a scam.   There are more scams then legit deals out there.  

Answer 3

Each mortgage or deed of trust indicates if it is assumable.  They aren't very common anymore.  If you find an assumable mortgage, the lender will look at you the same way he will any other potential borrower.  If your credit isn't good enough for a standard mortgage, it would be good enough for an assumable either.

Answer 4

Of course assuming a mortgage is possible, and your credit rating is a factor as much as it is to get a new mortgage for the same amount of money.

Answer 5

If it's an FHA or VA loan, yes.

Anything else, No way.

Banks stopped letting people assume loans about 30 years ago.

No matter what anyone tells you.

Why? Because originating a new loan and CHARGING for that service, is how they make MONEY.

Answer 6

FHA & VA loans are still assumable.  You have to qualify for an assumption the same way anyone else would.  You do not have to be a Vet to do a VA assumption.  Just remember, you will need to come up with the money for the difference between the contract sale price & the loan balance.

There are only very few conventional mortgages that are assumable.  Some ARMs are after a certain length of time.