Will i need a application for an assumption if they are directly family?

Hi Dennis, Any loan that is assumable will require lender approval before it is assumed. Keep in mind, very few mortgages are assumable and even if the loan is, the person assuming it will have to qualify. It is best to contact your lender to see if the loan is assumable and if so, what the procedure is.

All government loans are assumable WITH Qualifying.. the only exception is when the original mortgage holder dies, and you inherit the home. Under that scenario, the estate deeds the property to you and you can assume the existing loan without the fear of the lender calling the note due... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If your loan is assumable ( most are not so be sure to check with your lender to be certain yours is), then yes, you will need to complete a full application and will need to qualify for the loan as well. You cannot just transfer ownership of the home without going through this process.

Hi Dennis, I don't know of any special exceptions for a family member who is assuming a mortgage. If I find differently I will update here with a new post. Have you asked your current lender about this? They have staff that deal full-time with loan assumptions and should be able to answer this question. Good luck to you and feel free to call with any questions. I am here in Albuquerque at 350-3745. Thank you.

Yes most likely that lender will want an application and a full approval for an assumption.

If the current loan is assumable, contact your existing lender for help. Assumable loans are "with qualifying", so they will review the new persons qualifications before allowing the transfer.

If your assumption is denied, or is not available, consider taking the mortgage "subject to", by just starting to make the payments.

yes