Financing in Minnesota>Question Details

Peter, Home Buyer in Minnetonka, MN

I have a wells fargo FHA loan. Does anyone know the requirments for a buyer to assume a mortgage?

Asked by Peter, Minnetonka, MN Wed Jul 28, 2010

Looking for what is needed by the buyer to qualify and assume the mortgage for a Wells Fargo FHA loan. (credit score, how long before we can look at a buyer assuming the mortgage etc) Any other relevant information would be much appreciated.

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4
Call the bank, and see if your loan is assumable, and go from there.
0 votes Thank Flag Link Wed Jul 28, 2010
It wil be the same as aplying for a Mortgage but better call yoru servicer, wells fargo, and ask them.
0 votes Thank Flag Link Wed Jul 28, 2010
The buyer would have to meet the requirements for FHA financing. Would probably need a 620 score, dti of 31/43, owner occupied, no bk in last 24 months, no foreclosure or notice of default in last 36 months, no tradelines under dispute, 2 year work history same field, all down payment would need to be sourced for 60 days. You would need to contact Wells Fargo servicing to get the ball rolling. Let them know what you are doing and they will need to take an app on your buyer and perform a credit qualification.

Good luck!
0 votes Thank Flag Link Wed Jul 28, 2010
I think your best bet to find out exactly what the requirements would be is to call a Wells Fargo Home Mortgage office and they should be able to look up your loan and give you the criteria that will be needed for someone who is interested in assuming the loan.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Wed Jul 28, 2010
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