Are FHA Loans Assumable? was originally published to Moreira Team Mortgage

The video puts this in more visual terms, but yes! You can assume an existing FHA-insured loan, or, if you are the one deciding to sell allow a buyer to assume yours.

Assuming a loan can be very beneficial since it is a streamlined process and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate.

The application process consists primarily of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.

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