Posted by John (TX) on March 14, 2000 at 11:18:50:
The requirements are simple.
If the loan was originated prior to March 1st 1988 you simply complete an assumption package and voila, you’re the owner. (After it’s approved of course). You would need very little money out of your pocket. There is a fee for processing the assumption package but it’s small.
If it originated on or after March 1st 1988 you will still need to complete an assumption package but you must qualify just as if you were getting new financing. Well, not exactly like new financing, but qualify none the less. Here still you would need very little money; you’re not buying with a down payment just assuming a loan with a good Loan-To-Value Ratio (LTV). (I’m only guessing the LTV is good since you didn’t post any numbers on balance or value.)
The credit score you mention will only come in to play if the loan does requires qualification.
Hope this help.