Need to remove current owner name from mortgage and take over payments

[AC C]

Hi,

I have found a guy who has a single-family home that he has been renting out for 3 years. He wants to buy more properties but he owns 4 properties currently. He doesn't meet the credit score of 720 requirement to have 5 to 10 Fannie Mae loans. He just wants to get rid of one of his properties because he has found better cash flowing deals.

Is it possible that I can take over his property and get his name off the mortgage so he doesn't move into the 5 to 10 loan range of strict loan requirements?

Or should I direct him into other ways of getting around the 5 to 10 loan requirements?

He owns several other properties free and clear and would be willing to sell me one at a discount if I help him solve his problem.

Thank you

[J Scott]

If the loan is not assumable, probably the only way to get his name off the mortgage is to pay it off or to default...

So, your best bet is to buy the house from him for the loan balance and get your own mortgage...