What are the assumable loan requirements?

The first requirement is that the loan must have an assumable loan clause. Not all mortgage loans are assumable. The person who is assuming the loan must also meet some requirements. For example, the new borrower will have to have a solid debt-to-income ratio. In addition to that, the individual must have a good credit score. Even though the new borrower does not have to go through the traditional loan approval process, he will still have to prove that he is worthy of taking on a mortgage loan. His income must also be sufficient to pay for the mortgage payment.