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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FHA loans closed before December 14, 1989, and VA loans closed before March 1, 1988 are assumable by anyone. Buyers who assume these mortgages don’t have to meet any requirements at all, but the seller remains responsible for the mortgage if the buyer doesn’t pay.
A loan assumption is a transaction in which a person (the "assumptor") obtains an ownership interest in real property from another person and accepts responsibility for the terms, payments and obligations of that other person’s mortgage loan.
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FHA home loans permit the home owner to have the mortgage assumed by another person, who would become the owner of the property and financially responsible for the mortgage. FHA home loans were, long ago, considered "freely assumable" with no real participation required of the lender. Later, the FHA loan rules changed to require lender participation and approval of an FHA loan assumption.
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If a loan is not assumable and you can’t find an exception to a due-on-sale clause, refinancing the loan might be your best option. Similar to an assumption, the new borrower will need sufficient income and credit to qualify for the loan.
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To get an FHA loan, start by using the fha lender finder on the Department of Housing. How to Assume an FHA Mortgage – Budgeting Money – How to Assume an FHA Mortgage. There’s also a downside to mortgage assumption, but you can avoid this potential issue by contacting the lender.
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