Non Qualifying Assumption Loan - Conventional

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maxboots

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Post Posted: Wed Jul 15, 2009 5:26 am    Post subject: Non Qualifying Assumption Loan - Conventional
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My father just passsed away and the mortgage company that they have their home loan with sentmy mother a packet for a Non Qualifying Assumption loan - what is this exactly?
Can't we leave the loan the way it is?
She is paying the mortgage monthly.
thanks

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Icon Mini Profile savior70





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Post Posted: Thu Jul 16, 2009 7:08 am    Post subject:
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Hi,

In a non qualifying assumption, the lender will not check your mother's credit score or income. She will be able to assume your father's loan without qualifying for it. You can keep the loan the way it is, but if the lender is offering you the option of non qualifying assumption, there's no point in rejecting it. It will help your mother to improve her credit, if she keeps making the payments on time. Besides, if there's any problem with the mortgage in future, the lender might not be willing to work with your mother, in case her name is not on the loan.
KILLA

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Post Posted: Thu Feb 25, 2010 5:37 pm    Post subject: non-qualifying assumption
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Hi, I want to purchase a home with non-qualifying assumption loan. Can a 2009 home be allowed to do that? How long does that take?
Icon Mini Profile jenkin7





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Post Posted: Thu Feb 25, 2010 10:52 pm    Post subject:
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Hi KILLA,

A non-qualifying assumption is mostly applicable in situations where the main borrower is deceased or someone is taking over the mortgage from his/her spouse. Houses are generally not sold through assumptions, be it qualifying or non-qualifying. Lenders do not allow you to assume the mortgage if you are purchasing a property. A non-qualifying assumption does not take much time as you do not have to go through credit and income check, etc.
AD

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Post Posted: Wed May 05, 2010 7:08 am    Post subject: Non Qualifying Assumption
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Can a home loan from your father be assumed this way?
Icon Mini Profile Niicss
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Post Posted: Thu May 06, 2010 4:12 am    Post subject:
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You can go for a non-qualifying assumption to assume the loan from your father. However, the loan docs should mention this clause in it. In most cases, the lender will want you to refinance the loan.
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kris

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Post Posted: Fri Jun 10, 2011 4:58 am    Post subject: Qualifying assumption loan
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I am wanting to purchase a home, however I received through the mail a Qualifying Assumption Loan Kit. I wanted to know if instead of this could I get a Non Qualifying Assumption Loan? What do I need to do if there is a possibility in doing so....?
Icon Mini Profile smithsussane
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Post Posted: Sun Jun 12, 2011 11:05 pm    Post subject:
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Hi kris!

Welcome to forums!

Your query has been replied to in the given page:
http://www.mortgagefit.com/know-how/about51804.html

Please take a look at it. I hope it will help you.

Sussane
daphyne

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Post Posted: Tue Jun 12, 2012 10:35 am    Post subject: non qualifyfing assumption loan
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how long does it take to assume an non qualifying assumption loan after the paper work has been submitted.
Icon Mini Profile adonis
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Post Posted: Wed Jun 13, 2012 1:34 am    Post subject:
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Welcome daphyne,

It shouldn't take much time. However, it may vary from lender to lender. You should contact your lender and ask him about the required time that will be needed to complete the assumption process.

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