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Assuming Conventional Loans

Mortgage Library: Ask a Mortgage Related Question: Answers: Assuming Conventional Loans

Question:

My mom gave me a house and I would like to assume the loan. The finance company says, the only way I can assume the loan is if she stays on as co-signer. My credit is excellent, and I have a good steady job. I heard that federal law states all loans are assumable, is this true and if so which law is it.

J. M.
Pinon Hills
California

Answer:

Hi J.!

Sorry, there is no federal law that says all mortgages are assumable. Many government loans are assumable but the borrower must credit qualify. Government loans issued before 1989 may be assumable without credit qualifying. If the "finance company" will not let you assume your mother's loan and you think that you have the income and and good credit to get your own, then go get your own loan.

Yours,

Robert M. Benn
Benn Realty Services, Inc.


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