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Can I assume a loan in my parents name if I don't qualify for my own loan?

by greg768 from Holland, Texas. May 12th 2016 Reply


Jerry Holcomb (TXMortgageGuy)
#93 ranked lender in Texas - 6 contributions

Hi Greg:No, the bank will not let you assume a loan without qualifying for it. However, there may be another option. where you and your parents are on loan together. that gets a better rate and you get mortgage history on your credit. contact me if you want to explore options. jerry@dallasfhaloans.com

May 12th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

No.. most mortgages are not assumable, and those that are require you to qualify to do it.. If your parents just deed the property over to you, then it's possible the lender could call the note due.. giving you 30 days to pay it off.. More info would be needed to determine why you feel you wont qualify.. bad credit? limited income? Foreclosure or BK? some things can be worked around, and others cannot.. but without looking at your complete loan profile it's impossible to advise you.. For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 13th 2016
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Michael Garza (michael.garza@rate.com)
#254 ranked lender in Texas - 21 contributions

Hi Greg, it would matter on the type of loan your parents currently have and when it was originally financed. Chances are that you will likely still have to qualify on your own. Let me know if you would like to go over all your financing options. www.keepaustinlending.com

May 13th 2016
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Michael Garza (michael.garza@rate.com)
#254 ranked lender in Texas - 21 contributions

Hi Greg, it would matter on the type of loan your parents currently have and when it was originally financed. Chances are that you will likely still have to qualify on your own. There may be other solutions that best fit your needs and I would be happy to discuss them with you. You can reach me at mgarza@myamcap.com or visit my website at www.keepaustinlending.com

May 13th 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

The simple answer is NO.

May 13th 2016
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