Non Qualifying Assumption

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Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

This web page is intended to provide general answers to most frequently asked questions for the assumption of a loan. However, your specific loan request may have additional requirements that include, but are not limited to: satisfying investor guidelines, complying with state and federal laws, and adhering with the bank’s policies and procedures from the time of application to post-funding.

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They are not non-qualifying assumable mortgages. They have a clause in the mortgage that says, “In the event that you transfer the property, the loan becomes .

Assumption of Mortgage Law and Legal Definition. Non qualifying assumption: Non qualifying assumption is more commonly referred to as seller financing. In this scenario, a borrower can assume the mortgage payment by paying the difference of the equity in the property to the seller and the seller will finance the remaining amount.