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How Do I Transfer a Mortgage?

I am in the process of completing a living will and i would like to transfer my mortgage to my son who will be taking over the home. He is 23 years old and has no credit. His FICO is 584 and he has stated income as a business owner of appx. $130/annually, but I am not sure if he will have to qualify or if I can just transfer the mortgage? Any info is helpful. by CandiceLee_benchm... from Columbus, Kansas. May 14th 2018 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,829 contributions

You can't just transfer a mortgage loan. If the existing loan is an assumable loan (VA and FHA are assumable), he might be able to acquire the loan in his name, but these loans are assumable WITH QUALIFYING. With his 584 score, and stated income, even if the existing loan is assumable, he will probably have trouble qualifying, and therefore would not be able to assume the loan. Contact your lender, see if the loan is assumable. if it is, ask them their procedure to assume a loan.

May 16th 2018
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