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Not all home loans are assumable. Unfortunately, most conventional mortgages are not assumable. One of the exceptions is if someone is a successor in interest based on having the property transferred to them during someone's lifetime or after their passing.
How does the loan assumption process work? Getting approved to assume a loan is similar to getting approved for a new mortgage. You will need to complete an application, provide documents, and meet the lender's credit, income, and financial requirements to get the loan assumption approved.
The Bottom Line. Most FHA, VA and USDA mortgages are easy to assume, though each is treated differently. Some conventional loans are harder to assume. When you assume a mortgage, you take on the exact terms, including the interest rate, monthly payment and any mortgage insurance payment.
Mortgage assumption can be a valuable option for those looking for the possibility of a lower interest rate and a simpler home buying process.
If the mortgage loan is assumable, a seller can sell their home to a qualified buyer, allowing the buyer to purchase the home by way of assuming responsibility for the seller's loan terms and remaining balance.
Loan assumption presents an alternative way for a seller to sell a property to a buyer. This option could prevent a seller from facing a short sale or pending foreclosure. With an assumption, the buyer takes title to the property and assumes the payments due on the mortgage without having to obtain new financing.
How long does the assumption process take? Assumption TypeProcessing TimeStandard Assumption60 ? 90 DaysAssumption Due to Divorce60 ? 90 DaysAssumption After Death30 ? 60 Days