Taking over an existing mortgage: who can, how, and what it takes
Qualifying to assume a loan
Desk answer
Most assumptions of FHA, VA and USDA loans require the buyer to qualify with the servicer, including credit and income review. Some family transfers are exceptions. Ask the servicer for its assumption package and timeline.
Last reviewed against the primary sources listed below.
Request
- The assumption package.
- The servicer's timeline.
- Fee schedule.
Assumption questions
Do I need good credit to assume a mortgage?
Usually you must qualify with the servicer.
Are there exceptions?
Some family transfers do not require qualifying.