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how can i transfer fannie loan to my daughter and her husband?

they are more than capable of taking on the mortgage and credit in good standing. both work full time. we want to keep family home but i am moving and canot support 2 mortgages. loan is with fannie mae and 40 ltv by eliza.ratanjee746... from Henderson, Nevada. Sep 11th 2014 Reply


I would first call the servicer to see if the loan is assumable. Then the kids can apply to see if they qualify to assume your terms. Otherwise you can sell them the home and do a gift of equity. They still qualify for that loan also. If I can help please let me know. Aundrea 702-326-7866

Sep 11th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,797 contributions

You cannot "Transfer" conventional loans.. the only way to do this would be for you to sell them the home and give them a "Gift of Equity", and they would have to meet the standard eligibility requirements just as you did when you purchased the home. there will be closing costs involved, but there are ways to get that paid for.. start by contacting a LOCAL mortgage broker and apply with them. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 11th 2014
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Jeff Shumway (jeff@mortgagesforamerica.org)
#41 ranked lender in Nevada - 49 contributions

You would need to check with whoever is servicing your loan to see if it is assumable. As long as they can qualify for the existing loan and it is assumable, then all should be fine. If it is not assumable, you can easily just sell the home to them provided they can qualify for a loan to purchase. We have a lot of different lending programs with $0 Lender Fees, as well as programs for FICO Credit Scores as low as 580. If I can provide any assistance or answer any questions, please feel free to reach out to me through my profile!

Sep 11th 2014
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Nathan Kessler (nathan.kessler@guaranteedrate.com)
#45 ranked lender in Nevada - 69 contributions

It is not likely the loan is assumable. But if they can qualify, they can purchase it from you at very low cost if you do it correctly through escrow. I am local here in Las Vegas. If you would like more information, please feel free to call me. I look forward to hearing from you. Nathan Kessler City First Mortgage Services. 702-683-3126 NMLS #377217

Sep 11th 2014
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Jason Vondrak (jvondrak)
#1 ranked lender in California - 1,690 contributions

You would need to check with your current servicer to see if the mortgage is assumable. If it is a conventional loan, it probably is not. The other option would be to refinance the mortgage under their names.

Sep 11th 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Check with your lender to see if a assumption is possible.

Sep 11th 2014
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

The easy way to do this is to pre-qualify them for the amount of the loan they will request; then add them to title, they refi, and remove you at closing. This assumes you are giving them the property for what you owe. This avoids the need for a cash down payment, and may preserve some property tax advantages.

Sep 11th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Generally speaking, you can't. They would have to get their own loan. Those loans generally speaking are NOT assumable. You will need to contact your lender to find out for sure. But you can help them other ways. For example, maybe a gift of equity, so they don't need a down payment. Lending in WI, MN, and SD... www.MortgagesUnlimited.biz

Sep 12th 2014
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