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I bought a mobile home in 1998 with a 30 year mortgage. It is saying on my credit report that it is a conventional loan. We have allowed a relative to take over the payments on the mobile home and leaving it in our name. It has been two years since me and my husband have been renting. We are now on a lease with option to buy for 2 years. Here is the dilemma. We are trying to get the relative to assume the loan. How do I find out if this is a FHA loan. My loan is now being serviced through Greentree Servicing and because they are the original lender (Bank of America was) they are telling us that they do not have others assume loan but they just take the loan payments. We would like to build a home but we are now stuck with the mobile home in our name. is there another way that we can get this loan assumed? What type of credit score is needed? Will my relative have to take out a new loan to purchase the home? Please give me some advice. by seeaki_556_257 from Summerville, South Carolina. Jun 26th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,008 contributions

Ok.. So if your credit report says it's a conventional loan, then it's conventional loan.. If you want to be sure, you need to look at your original deed of trust... if it says on page one FHA Case Number, it's an FHA loan.. If at the bottom of the deed of trust it says "Fannie Mae/Freddie Mac" then it's conventional. Only FHA loans are assumable with qualifying.. They could purchase the home and you could gift the equity.. They would have to qualify, and they would have to pay closing costs, but that's really the only way.. if you want to know for sure,, you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Jun 26th 2012
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

Find your original loan package you received from the title company when you bought the property/got the loan. The Note and the Deed of Trust documents will clearly tell you if your loan is FHA or not. GreenTree does service both FHA and Conventional loans. It is likely that the credit report is correct, but I have seen cases where it is mis-reported. The note will confirm it. If the Note shows that the loan is an FHA loan, then it can be assumed, subject to the new buyer qualifying. If it is not, then you are at the mercy of the lender, who as you can tell won't. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jun 26th 2012
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

You got it...probably the best and fastest solution is to have the relative buy the house. Unless, you have shown the rent receivedfrom the mobile home on your tax returns for at least one year. Then you can count 75% of the rent against the mortgage/tax/insurance payment.

Jun 26th 2012
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Bobby Wallace (BobbyWallace)
#21 ranked lender in South Carolina - 6 contributions

If your credit report is showing that it is a conventional loan...it is probably a conventional loan, not a FHA loan. Regardless of what type of loan that it is, your relative relative would have to qualify (credit, DTI and income) toassume; If your relative can qualify...it would probably be just as easy for them to get a NEW loan at todays low interestrates than assume whatever-rate-you-received in 1998. As far as building a new home, Most home buyers I talk with want one thing....INFORMATION! They want to be able to see, as clearly as possible, what they wouldBe getting into if they built/bought a home.....they want to know where/howTo get the answers to 5 basic questions: 1. Is it in my BEST interest to build/buy a home at this time? 2. How much home can I afford to build/buy? 3. What does my credit report say and how will a lender look at it? 4. Can I qualify? 5. What's the next step to finding the RIGHT home...without making a mistakeThat could cost thousands of dollars?Decisions are only valid when you are fully informed.My advice would be to call us at 843-200-5617 or visit our website atwww.bestcharlestonhomeloan.com for a FREE Consultation.We're your neighbors,right here in Charleston!Bobby WallaceAnchor MortgageNMLS #241036.

Jun 26th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

The fact is that it is not really possible to assume a home loan, and even if it were it wouldn't be advisable since a person still has to qualify for a loan and today's rates are certainly better than they were when the loan was originally taken out. If your credit report states that the loan is conventional, not FHA, then that is most likely the case and if you doubt that then the only way to check for sure is to look at the original loan docs to see if it was insured through FHA. If you would like to discuss loan options feel free to give me a call at (803) 381-5149 as I am a South Carolina lender and can help you.

Jun 27th 2012
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

If you truly have a mobile home, you will want to move quickly on the sale of your mobile home to family as many lenders have an age restriction on the mobile home generally capped at 15 years. This does your relative to fully income and credit qualify. Hopefully, what you do have is a manufactured home that still has it's original HUD tag adhered to the exterior corner of the home. You have a few more options available. Good luck.

Jun 27th 2012
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