Assumable mortgages arenâ€™t a free ride: you still need to qualify for the loan and you may have to pay closing fees, including the costs of the appraisal and title insurance.
Should you add your name to the loan the current home owner would have to cover themselves legally just in case you should default in your payments. I have never done this with any of my clients,but I am fairly certain that a good real estate attorney could draw up a document that would protect the previous owner. However to give the previous owner that sort of protection would probably not be to your best advantage.
I would say that if you can afford the home then with the current rates of interest you would be better to just get a new loan. Keeping in mind that you would have to qualify for that loan. and if you can qualify it is possible to secure a loan with a very small down payment , although you would have to pay PMI (private mortgage insurance). But if it your desire to own a home of your own, and you do not have a large down payment it would be a much better way to go than putting yourself in a position where the loan could be called by the bank and you lose out.
Kind regards, Bernard Goodman Broker/ Owner Integrity Realty Ca Lic# 00693084