Can I transfer a usda mortgage?

Yes.. USDA loans are assumable "With Qualifying".. so he would have to go through the entire qualifying / applying process as you did when you first purchased the home, and would have to meet all eligibility qualifications for the assumption to be allowed.. the lender will charge a fee for this so be prepared for that.. Also note that if the current interest rates are substantially lower than what your loan is currently, then it might be more beneficial that you sell him the home, and he obtain a new loan at today's lower rates.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Hi Dana, according to guidelines from Chase (for instance), they require the following for any Assumption of a USDA Guaranteed Loan so you can expect most other lenders to have similar requirements: The Guaranteed Rural Housing loan is assumable subject to the following conditions: 1) Subject property and applicant(s) must meet all criteria for the Rural Development Guaranteed Housing Program, 2) Applicant (buyer) must be credit-approved by Chase, 3) In accordance with Rural Development (FmHA) Instruction 1980-D, no release of liability will be granted to the original Borrower(s), 4) A new title policy will be required at closing. o Normal application, processing, and transfer fees will apply.