can I transfer my mortgage? FHA loan

FHA loans are assumable but the person assuming the loan must qualify.. realistically, your probably better off selling the home to them.. if they have good credit and sufficient income, then they should have no problem qualifying.. Interest rates today are much lower than they were 7 years ago.. so by buying and financing at today's rate, it would be a better deal for them.. Also, with conventional financing, if there's more than 20% equity, then there's no mortgage insurance required.. It's best you sit down with a local mortgage professional and let him put some numbers together for comparison as well as give you the pros and cons of allowing an assumption.. 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

Yes, one of the benefits of an FHA loan is that it is assumable. However, the person you wish to transfer the mortgage too must also meet qualification requirements.

The posts prior to mine are correct. FHA loans are assumable but the Buyer still must qualify. It is also less risk for you if the Buyer gets their own loan rather than assuming yours. If your Buyer is having trouble qualifying, I would be happy to assist. We have no minimum credit score on our FHA loans and have no overlays above FHA's basic requirements. I am a 14 year mortgage banking veteran based in Texas. I can be reached via call or text at 214-455-1780 or you can email me at dnovakowski@novalends.com. -Derrick Novakowski. "If any lender can, Nova can!"

I agree with the answers given... adding only maybe a couple of terms that you can bring up when discussing it with a loan officer licensed for TX. As a family member, you can "gift equity" to them as a buyer. A "fair market value appraisal" is obtained by the lender. As the seller, you gift them the agreed upon equity based on the price you want to sell the home to them for. This gift can make up their down payment. If there is a favorable equity position there, then a conventional loan with no mortgage insurance could be obtained if the family member qualifies. This is a scenario we've helped clients with in the past. Just food for thought.

Yes, it is possible, but I'm not sure that is the best option for them. There are many reasons obtaining a new loan in today's low rate environment makes sense. Work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Once all of the factors are considered, you may find that it makes more financial sense for your relative to obtain their own loan and pay your loan off. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged