Loan Assumption
Transferring or Selling Your Property
Assumability
If you have an assumable mortgage and decide to sell your home, you may be able to transfer the mortgage to the new buyer. In that case, we require a credit review of the new borrower and will charge a fee for the assumption. Some mortgages, however, contain a “due-on-sale” clause. This means that your mortgage may not be transferred to anyone, including a new buyer. Instead, you may be required to pay the entire balance due when you sell or transfer all or a part of your property.
SC State Housing loans are only assumable under certain conditions. To determine whether your loan is assumable, refer to the terms of your mortgage contract or call SC State Housing. Before entering into any contract for sale of your property under an assumption of your mortgage, please contact our office so that we can give you the requirements that apply to your mortgage loan.
1-800-476-0412
(Outside the Columbia area)
803-896-9178
(Inside the Columbia area)
Equal Housing Opportunity