The number of mortgages that are assumable is relatively small. According to the Mortgage Bankers Association, only about 10% of all mortgages are assumable. This is because most mortgages are backed by Fannie Mae and Freddie Mac, which do not allow assumption.

However, there are some mortgages that are assumable, including:

• FHA loans
• VA loans
• USDA loans
• Jumbo loans from some private lenders

If you are considering assuming a mortgage, it is important to check with the lender to see if the loan is assumable. You will also need to meet the lender’s credit and income requirements.

Here are some of the pros and cons of assuming a mortgage:

Pros:

• You may be able to get a lower interest rate than you would qualify for on a new mortgage.
• You may be able to avoid paying closing costs.
• You may be able to move into the home quickly, since you will not need to wait for a new mortgage to be approved.

Cons:

• You will need to meet the lender’s credit and income requirements.
• You will be responsible for any outstanding balance on the loan.
• You may be liable for any future problems with the home, even if they were caused by the previous owner.

If you are considering assuming a mortgage, it is important to weigh the pros and cons carefully and to talk to a financial advisor to make sure it is the right decision for you.