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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] A reasonably good credit record plus their fees would do it.. Posted by Ward-CA- on August 17, 2003 at 10:48 PM In Reply to: Qualifying with the lender after taking a mortgage Subject To... posted by Ian Forsyth on August 17, 2003 at 7:50 PM : Hi! : I read previous posts where if you reach an assumption agreement with a lender, you generally have to pay a 2% assumption fee for the privilege of taking over : the previous owner's unpaid lien once you've qualified credit wise, and then a flat fee of $200. : Let's say I endure this aggrivation. Are the lenders as stringent about qualifying you credit wise as they would be with a fully documented new loan app, e.g. are they going to be taking a hard look at my debt to income ratios or is a good FICO score and assets sufficient? If I qualify for a no ratio loan or stated income loan, would I generally qualify here? -=-=-=-=-=-=-=-=-=-=-=-=- Ian, I think you will have to have reasonably good credit to qualify for a loan assumption. But, as you know, the proof of the pudding is in the eating. Good luck and let us know how it turned out. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi! : : I read previous posts where if you reach an assumption agreement with a lender, you generally have to pay a 2% assumption fee for the privilege of taking over : : the previous owner's unpaid lien once you've qualified credit wise, and then a flat fee of $200. : : Let's say I endure this aggrivation. Are the lenders as stringent about qualifying you credit wise as they would be with a fully documented new loan app, e.g. are they going to be taking a hard look at my debt to income ratios or is a good FICO score and assets sufficient? If I qualify for a no ratio loan or stated income loan, would I generally qualify here? : -=-=-=-=-=-=-=-=-=-=-=-=- : Ian, : I think you will have to have reasonably good credit to qualify for a loan assumption. But, as you know, the proof of the pudding is in the eating. : Good luck and let us know how it turned out. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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