Is mortgage assumption still possible?

3 Replies

Hey Everyone! 

I know that mortgage assumptions do not really exist anymore other than certain circumstances like FHA/VA/USDA loans.

But if the owner has a conventional loan at a local bank, in a small town, and a good relationship with the bank, can exceptions be made as long as there are no stated probitions of assumptions in the mortgage? Is this something a small local bank can work with, or are assumptions for sure not an option?

Thank you all!

If it is a conventional loan, no.  The loan, while being serviced by the local bank is likely owned by Fannie Mae/Freddie Mac and is carved up into multiple mortgage bonds