That information is found in HUD 4155.2 chapter Three, and it means that the FHA loan that meets that standard is "freely assumable". For FHA loans issued after December 1, 1986, the lender’s participation is required. An FHA loan assumption requires a credit check to insure the borrower is qualified.
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Millions of veterans and service members are eligible for a VA home loan. When searching for a mortgage, veterans should consider the major benefits and perks of using a VA home loan.
Council Post: A Closer Look At Assumable Mortgage. – In fact, most loans issued post-2008 do not have an assumable loan feature. A spouse can easily determine whether their loan is assumable by looking at their original promissory note.
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Are VA Loans Assumable? – IRRRL – An assumable loan is one that the buyer can literally take over right where you left off. They assume your interest rate, principal balance, and remaining term. It’s like you never stopped making payments.
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Are VA Loans Assumable – Military Mortgage Center – What is a mortgage assumption? and are VA loans assumable? An assumable mortgage simply means that it can be taken over by someone else. The person acquires that debt as though they had the loan all along, and the original borrower is released from all mortgage liability for that loan.
When Is An FHA Loan Assumable? – FHA News and Views – "Assumption refers to the transfer of an existing mortgage obligation from an existing Borrower to the assuming Borrower." An FHA loan assumption is generally possible-for most FHA loans closed today, the lender’s participation and approval will be required in order to carry out a loan assumption transaction.
Additional Requirements To Assume A VA Loan For a VA mortgage assumption to take place, the following conditions must be met: The existing loan must be current.