FHA Approval. FHA loans don’t have a "due on sale" clause, which is why they are assumable. The FHA does require approval by the U.S. Department of Housing and Urban Development unless the home loan was funded before Dec. 1, 1986.
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Thanks to stricter regulations and a changing mortgage economy, assumable mortgages are less common now. And while some conventional loans do come equipped with an assumable-mortgage clause, most are Federal Housing Administration (FHA) and Veterans affairs (va) loans. Loan documents should indicate whether a loan is assumable.
Decades ago, Federal Housing Administration mortgages were "freely assumable," meaning the buyer could assume a seller’s current mortgage rate, principal balance and other terms of the mortgage. The U.S. Department of Housing and Urban Development, which oversees FHA mortgages, has made some changes in recent years.
To qualify for an assumption, you may need to go through an underwriting process, including a review of your credit report and credit score. Are all loans assumable? No, only certain loans are assumable. The loan investors determine whether it is assumable. If a loan is assumable, the investors also set the terms and conditions for an assumption.
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FHA loans originated on or after Dec. 15, 1989, are assumable only by borrowers who can demonstrate creditworthiness. This means the new owner must go through the same approval process he would go through for a new FHA mortgage. Investors cannot assume an FHA mortgage originated after this date under any circumstances.
All FHA loans are assumable – which means that the borrower can transfer their mortgage to another person, so long as the FHA approves of the new homeowner.In contrast, most conventional loans offered by banks or mortgage companies are not assumable; the loan must be repaid in full for the borrower to be released from its terms.
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"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.
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