The Lynn Rome Team - Mortgage Planning

Assumptions let you take over an existing loan’s rate, balance, and terms (typically FHA/VA/USDA; most conventional aren’t assumable).

What to expect:
• You still qualify: income/credit/DTI and servicer approval.
• Push for a release of liability for the departing spouse—get it in writing.
• If the balance is lower than the agreed value, you’ll cover the equity gap with cash or a 2nd lien.

Special VA note: If a non-veteran assumes without substituting entitlement, the veteran’s benefit can remain tied up—confirm the plan.

Timeline & fees: Ask the servicer about steps, costs, and turn-times up front.



Want my free detailed guide on Managing Your Mortgage During Divorce? Private DM me YES and I’ll DM it to you.