Check My Assumable Options*
Take Over a Low Mortgage Rate—See If You Qualify*
FHA • VA • USDA | We coordinate the assumption and (if needed) a small 2nd to cover the seller’s equity—so you keep the low first-mortgage rate.
Who it’s for
- Buyers — Keep the seller’s lower rate (with approval). We verify assumability and show your estimated blended monthly.
- Sellers — Market the payment, not just the price. We coordinate the assumption and help buyers cover your equity with a small 2nd/HELOC.
- Agents — MLS remarks, payment sheets, and white-glove servicer navigation—plus an Assumable Listing Kit.
Eligibility at a Glance
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Loan types: Most FHA, VA, and some USDA loans can be assumable with servicer approval. A few conventional loans allow assumption when the note explicitly permits it.
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Buyer qualification: The assuming buyer typically needs to meet credit, income, and debt-to-income standards set by the servicer/investor.
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Property use: Rules vary by program. Tell us if the home will be primary, second home, or investment so we can align with guidelines.
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Servicer approval is required: Transfers without approval can trigger a due-on-sale clause.
Common Reasons People Assume
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Purchase – Buyer takes over the seller’s existing first mortgage.
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Buyout – One party buys out another’s interest (e.g., roommates or family members).
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Divorce – A spouse remains on title and assumes the loan individually (final decree required).
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Succession/Heir – An heir or successor in interest continues the mortgage after a death.
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Co-borrower Change – Add or remove a borrower when allowed by the servicer.
What We Handle (Mortgage + Real Estate) vs. What You Provide
We handle
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Assumability & guidelines: Confirm if the current loan is FHA/VA/USDA (or permitted conventional) assumable and outline the servicer’s exact requirements.
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File packaging & coordination: Prepare the assumption package, liaise with the servicer + title/escrow, and provide weekly status updates.
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Equity structure & numbers: If price exceeds the remaining balance, structure a small second/HELOC option (when allowed) and show your blended monthly for apples-to-apples comparison.
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Program specifics: Handle items such as VA entitlement/restoration and release of liability, plus USDA nuances.
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Real estate services (where licensed):
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Buyers: Agency representation, offer strategy, assumption addenda/contingencies, and timeline negotiation.
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Sellers: Assumable Listing Kit (MLS remarks, payment sheet), pricing/positioning around “payment marketing,” and contract terms that reflect an assumption + any approved second.
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Agents/Co-marketing: Co-branded materials and process quarterbacking (RESPA/MLS rules observed).
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You’re not required to use Prime Choice Funding’s real estate services to obtain mortgage services (and vice versa). Services offered where licensed.
You provide
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Basics for everyone: Property city/ZIP, servicer name (if known), and contact info.
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Sellers / Heirs: Most recent mortgage statement, any HOA details, and a simple authorization so we can request the assumption package from the servicer.
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Buyers: Standard income/credit items for qualification and proof of funds (or intent to use a permitted second) to cover the seller’s equity.
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By scenario (add as applicable):
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Purchase/Buyout: Purchase terms/contract and seller authorization.
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Divorce: Final divorce decree before submission.
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Successor/Heir: Documents showing you’re the successor in interest/owner (estate docs, recorded deed, etc.).
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Timing & What to Expect
Assumptions are servicer-driven. Typical timelines run about 30–90 days depending on loan type, documentation, and the servicer’s queue. We’ll give you target dates, checklist items, and weekly status updates so there are no surprises.
Costs & Who Pays
Total costs are often lower than opening a brand-new first mortgage, but there are still charges. Expect things like an assumption fee, credit report, title/escrow, and recording. Some programs cap certain fees; exact amounts vary by servicer and state. We’ll summarize the expected charges before you proceed.
VA & USDA Notes
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VA loans: Non-veterans may assume (with approval). If the seller wants their VA entitlement restored, the buyer generally must be VA-eligible; we’ll help with release-of-liability requests where applicable.
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USDA loans: Some scenarios are limited (for example, certain family-transfer rules). We’ll confirm case-by-case with the servicer and program guidelines.
Pitfalls to Avoid
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Transferring without approval (can trigger due-on-sale).
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Ignoring the equity gap: If the price exceeds the remaining balance, plan for cash or a permitted second.
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Skipping qualification: Most modern assumptions are credit-qualifying; get your documents ready early to save time.
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Frequently Asked Questions
How do I know if a specific home is assumable?
Share the address (or ZIP) and, if known, the servicer/loan type. We’ll verify eligibility with the servicer quickly.
Will I need an appraisal?
Often no for the assumed first mortgage, but title/escrow and other verifications are still required. If a second mortgage/HELOC is used to cover equity, its lender may have separate requirements.
Can I assume a loan if I’m not a veteran?
Yes—VA loans can be assumed (with approval). To restore the seller’s VA entitlement, the buyer generally must be VA-eligible; we’ll also request a release of liability when applicable.
Are conventional loans assumable?
Usually no due to due-on-sale clauses, unless the note expressly allows assumption (limited cases). We’ll confirm from the note and servicer.
How is the seller’s equity handled?
Cash at closing, a small second/HELOC, or other program-permitted options (subject to approval). We’ll show your blended monthly so you can compare.
HOW IT WORKS
VERIFY ASSUMABILITY & PRE-QUALIFY
Share a few details and we’ll confirm if the existing loan is FHA/VA/USDA (or permitted conventional) and eligible with the servicer (purchase, buyout, divorce, or heir). We also pre-screen the assuming buyer (credit/income/DTI) so the package doesn’t stall.
STRUCTURE THE EQUITY GAP & PAYMENT
If price exceeds the seller’s remaining balance, we outline options to cover equity—cash or a small second/HELOC (when allowed)—and show your blended monthly (assumed 1st + 2nd) for apples-to-apples comparison.
SERVICER APPROVAL → TITLE → CLOSE
We package and submit to the servicer, coordinate title/escrow, and handle specifics like VA entitlement/restoration and release of liability when applicable—then schedule signing and funding.
Assumptions require servicer approval and buyer qualification. Not all loans are assumable. Typical timeline ~30–90 days (servicer-driven). Assumptions require servicer approval and buyer qualification. Not all loans are assumable. Prime Choice Funding, NMLS #117375 – CA DRE #01806911. Equal Housing Opportunity.
Tailored Mortgage Options
Expert Guidance
Disclaimers
Not affiliated with or endorsed by any government agency (including HUD/FHA, VA, or USDA). Assumptions are available only on eligible loans and require servicer approval and buyer credit/income qualification; not all loans are assumable. For VA loans, restoration of entitlement, release of liability, and funding fee requirements may apply. Products, programs, and eligibility vary by state and are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All applications are subject to credit approval, underwriting guidelines, and satisfactory appraisal and title review. Any payment illustrations (if shown) are estimates only and exclude taxes, insurance, and HOA dues. Equal Housing Opportunity.
Prime Choice Funding, Inc. — Mortgage Broker (NMLS #117375) and Real Estate Broker (CA DRE #01806911). Real estate and mortgage services are offered where licensed. You are not required to use any particular real estate, mortgage, title, or settlement-service provider; please shop for the services and terms that best fit your needs. If an affiliated/related business arrangement applies to your transaction, you will receive a separate Affiliated Business Arrangement disclosure.
17852 E 17th St, Suite 107, Tustin, CA 92780 • (877) 787-7463 • info@primechoicefunding.com
For licensing, see NMLS Consumer Access and California DRE. Privacy Policy | Do Not Sell or Share My Personal Information (CA).
Real Estate Professionals & Co-Marketing Notice
Prime Choice Funding, Inc. provides mortgage brokerage services (NMLS #117375) and, where licensed, real estate brokerage services (CA DRE #01806911). We may co-market with other licensed real estate professionals.
Compliance requirements
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Co-marketing must comply with RESPA (Section 8) and applicable MLS/advertising rules.
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No “thing of value” may be given or received for referrals.
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Any shared advertising must reflect fair-market-value cost sharing and may require broker approval.
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Consumers are not required to use any particular provider.
Licensing & disclosures
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Each party is independently responsible for its own licensing and advertising compliance.
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All materials must clearly identify each party’s role and include applicable license numbers.
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Property-specific statements (e.g., “assumable,” payment illustrations) must be verified and include all required disclosures.
No affiliation created
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Co-branding does not create an agency, partnership, or joint venture, and no endorsement or guarantee is implied.
Equal Housing Opportunity.
Privacy & Communication Consent
By submitting, you authorize Prime Choice Funding to contact you by phone call, text message, email, and/or automated systems, including artificial or prerecorded voice and autodialer, regarding your inquiry and related offers. Consent is not required to apply. Message and data rates may apply. Reply STOP to opt out, HELP for help. Questions? Email info@primechoicefunding.com.
Licensing & Legal Disclosure
Prime Choice Funding, Inc. (NMLS #117375) is a licensed mortgage broker. We are not affiliated with, endorsed by, or acting on behalf of any government agency. This is not a commitment to lend. All loan approvals are subject to creditworthiness, underwriting guidelines, satisfactory title, and appraisal. Final loan decisions are subject to lender approval and may require additional documentation during underwriting. Not all applicants will qualify. For licensing information, visit www.nmlsconsumeraccess.org.
AL Lic#22408 | AZ Lic#0940991 | AR Lic#117267 | CA DFPI Lic#603F471 | CA DRE Lic#01806911 | CO Lic#117375 | DC Lic#MLB117375 | DE Lic#025874 | FL Lic#MLD1505 | GA Lic#48008 | ID Lic#MBL-9234 | IN Lic#38334 | KY Lic#MC410331 | LA Lic#117375 | MA Lic#MC117375 | MD Lic#21456 | MI Lic#FL0020964 |NC Lic#B-230942 | NH Lic#21548-MB | NJ Lic#NJ-C-01020 | NM Lic#117375 | NV Lic#5024 | OH Lic#RM.804338.000 | OR Lic#ML-4926 | PA Lic#105337 | SC Lic#DCA-117375 | TN Lic#135287 | TX SML NMLS#117375 | VA Lic#MC-5862.
Texas Residents
If the new loan is subject to Section 50(a)(6) and the new loan to value exceeds 80%, you will not be eligible for this refinance. Additional restrictions may apply.
Figure: 7 TAC §80.200(b)
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
Contact Us
Questions? Contact us at info@primechoicefunding.com or call 877-787-7463.
Prime Choice Funding, Inc. | 17852 E 17th St, Suite 107, Tustin, CA 92780 | NMLS ID: 117375 | Equal Housing Opportunity.
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