CALL US: (513) 560-8002

Cincinnati and Northern Kentucky Real Estate Blog

Can A Mortgage Be Transferred To Someone Else

Can A Mortgage Be Transferred To Someone Else

Can A Mortgage Be Transferred To Someone Else

Some homeowners may get an offer to “buy” their home where the buyer proposes to give a small down payment to the homeowner and take over the existing mortgage.  As part of this deal the buyer agrees in writing to continue paying on the mortgage.  Especially with mortgage interest rates much higher than they were in the recent past getting a house with a low-rate mortgage can be a great deal.  Once the homeowner moves out the buyer will then attempt to sell, rent or live in that house.  The problem with situation becomes when the current homeowner does not have an assumable mortgage or has not done the proper paperwork for the buyer to assume the mortgage when the mortgage is assumable.  If the buyer stops paying on the mortgage the trouble will begin.

Which Mortgages Are Assumable?

An assumable mortgage means a buyer can officially take over an existing mortgage and take the place of the current homeowner whose name is on the mortgage.  Generally VA (Veteran’s Administration) and FHA (Federal Housing Authority) mortgages are the only assumable mortgages for residential real estate.  Both the VA and FHA have rules and requirements for the new buyer to meet prior to being able to assume the mortgage.  Failing to meet those requirements can prevent the assumption of the mortgage.  As a result the homeowner needs to be discussing the assumption process with the VA/FHA at the very start before any agreements are made to sell a home with the condition...

Blog Archives

Posts By Category

All Categories Cincinnati (10) Cincinnati Multifamily Market Overview (4) Commercial Real Estate (5) First Time Home Buying (2) Home Buyers (57) Home Ownership (51) Home Sellers (77) Investment Property (16) Knowledge (34) Luxury Home Buyers (6) Luxury Home Sellers (14) Luxury Real Estate Market Overview (34) Mortgage (3) New Construction (6) Podcasts (6) Real Estate Investing (8) Real Estate Market Statistics (49) Sellers & Buyers (51) Selling Your Home (1)

Posts By Month

Grab Our RSS Feed

Greater Cincinnati Communities

Northern Kentucky Communities

Map Search

Use our interactive map search system to find your dream home today!

What's My Home Worth

Find out about recent area sales and current neighborhood market trends.

Have Questions?

Our real estate experts can assist you with all of your real estate questions.