You would have to see if it is an assumable loan etc.
You may need to Acquire the property and generally qualify for a new loan just like a regular purchase.
Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992
You'll need to qualify with the lender most likely. So, the first step is to talk to the lender of your relative's loan to see if it's even assumable; most aren't these days. You could always ask if you can add your name to the loan.
Cory La Scala, REALTOR
You can purchase the property from them and get a mortgage using a gift of equity to get the down payment waived.
For more info, contact me at 215-238-9400.
NMLS # 6395
Financing Kentucky One Home at a Time