Usda loan transfer
A friend who inherited a house with a usda loan wants to give it to me can we just transfer the mortgage by tcgardiner210 from , California. May 17th 2019
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
No ...best bet is to contact present lender / servicer and inquire about the options
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
No.. All government guaranteed loans will no longer allow for no qualifying assumptions.. Some will allow you to assume WITH qualifying.. but for USDA,, you have to through the assumption process, and meet all the eligibility requirements and guidelines in order to assume it. It's really best to buy it for the existing balance and get your own loan. If your friend just deeds the home to you, then that would trigger the "Due on Sale" clause embedded in the original note. The lender would give you 90 days to pay the loan in full or foreclose on you. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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