Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Non Qualifying Assumption Loan - Conventional

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

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can a home loan from your father be assumed this way?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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....?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how long does it take to assume an non qualifying assumption loan after the paper work has been submitted.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

Page loaded in 0.326 seconds.