Is it possible to transfer a mortgage payment?

[Jake]

I just graduated college and still live with my parents in a small house that my great grandfather built in the '60s. My parents want to move or build a house on the lot next to us because the house is getting too small for them, but it'd be perfect for me, plus I would really like to keep the house in the family. Rather than waste my money away on rent, I'd like to save it up and make an investment, so my parents and I have been throwing around the idea of me eventually buying the house from them. Their mortgage is currently only $800 a month, which I could definitely afford if I got a roommate. Problem is, if I were to buy the house (which is worth a little over $200k), I know I'm not going to get such a low payment (especially not anytime soon since I'm still young and don't have a great deal of credit established yet). Is there any way to transfer their $800/month payment to me, or does anyone have any advice that would allow me to afford to buy the house in a couple years?

[leopoldo]

No the lender is not going to let your parents off the hook and let you take over their mtg. Why would they. Just leave the mtg in your parents name and you pay them or they could sell you the house at what is owed on it, but you still would have to take a loan out in your name.

[matzael]

FHA loans are almost always assumable. That simply means that you can transfer the payment and take over the mortgage. Any other kind of mortgage just call the current lender and ask if it's an assumable mortgage.