Home buyers can avoid or minimize loan rejection by using the assumption feature. Buyers who have been rejected for financing but still wish to buy a home should strongly consider assumption loans. In many cases, buyers who cannot qualify for a conventional loan may find a solution to their problems with an assumption.
Although many mortgage loans that allow assumption also require preliminary review and approval by the lender of the prospective buyer, their underwriting procedures are often more lenient with assumptions than with standard loans.
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