Transferring FHA loan to child

FHA loans are "assumable" with qualifying... So yes, you can technically take over the loan. Contact your mothers lender for you information.

Contact the current lender. FHA loans are assumable - which means that if you qualify, you can take over the loan where your mom left off. The credit score may be a concern, 630 would not qualify you for a new loan with most FHA lenders. Be prepared to work on it. Good Luck.

The only option for a possible transfer to keep the existing terms in place is to do a Assumable loan. This can only be done by going through your mom's current lender and going through the assumable loan process..............Your second option is to do a purchase loan and have your mom gift you the equity.

FHA loans are assumable "with qualifying".. and your credit scores are within the rage of what's allowable, but understand that it takes more than a credit score to qualify for a loan.. Assuming you can qualify, it might be more beneficial to just purchase the home from your mother rather than assuming the existing loan.. todays interest rates are much lower than they were even 5 years ago, so it's very possible your payment would be much lower by purchasing than assuming.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Yes, FHA loans are assumable so you could potentially pick up where your mother left off. Your best bet is to contact her current lender to explore your options.

Assuming the loan from your mother and taking over the existing FHA loan is one option. If you have significant equity in your home, another option would be to see if she can "gift" to you the equity in the home and use conventional financing. At the very least, you are transferring ownership of a property, and there can be legal and financial complications you want to consider. You need a lawyer to walk you through everything.