Assuming FHA mortgage loans?

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My cousin would like to assume my the loan on my house, he doesn’t have bad credit he just doesn’t have a lot built up. he is a first time home buyer he doesn’t make a whole lot of money but we feel that he makes enough to make payments on the house. His father is willing to co-sign for him. With a co-signer would he be eligible to assume my fha loan? or is a co-signer just if you have bad credit?

also, I’m supposed to close on my new home on sept 23, if we get the ball rolling will this be too short of time to get the old mortgage loan assumed?

Thanks,
Corey

1 Comment
  1. Reply
    Expert Realtor
    May 2, 2011 at 12:07 am

    No, that is plenty of time.

    The first step is to call the lender and find out what process they require your cousin to go through.

    Keep in mind, that any equity you have in the home will have to be paid to you by your cousin separately…that is something that you probably haven’t considered.

    FHA won’t roll it into the existing loan.

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