Lots of loans are assumable. However, most require the new buyer to be approved and pay an assumption fee. Only slightly less hassle than getting a new loan.
My guess is that what you are wondering about is the old freely-assumable loans made before 1993 - can be assumed by anyone, with no qualifying.
No one, except maybe a very foolish private investor, would make that type of loan these days.
What kind of loans are ASSUMABLE? - Posted by Erik Bergerud
Posted by Erik Bergerud on February 27, 2001 at 15:08:51:
This may be a stupid question, but I need to know the answer. Which loans are assumable with no-qualifying:
bank loans, or government loans? Are bank loans assumable or are they usually “subject to?” My mom is refinancing and is it possible to get the bank to make the loan assumable? Am I just an idiot?