I think the regulations around assuming a mortgage changed in the summer of '04. My understanding is even if you are assuming a mortgage, you now have to qualify just as you would if you were applying for a morgage. I could be wrong on this.
The same applies for signing your share of a property over. So if you cosign with your kid, and want to "gift" your share of the house to them, the kid now has to "qualify" for their portion of the morgage, as well as your portion before you can gift your share of the house to them. I know this to be true, because my parents are stuck in a mortgage with me because I can't qualify to carry the whole mortgage.
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