Transferring FHA Loan to Another Buyer

[Jake Weimer]

Hello BP community. I have a friend who is considering selling his duplex. He put 3.5% down on the property using an FHA loan and I am trying to determine what it would take for me to assume his loan. A few questions I have:

1) Is it possible for me to assume the same FHA loan at the low interest rate he has locked in?

2) Would I have to live in one half of the duplex for at least one year?

3) What cash would I need to come up with?  ex) Difference in current loan amount to the current appraised value?  Down payment amount?

4) Are there any other considerations I should take in to account?

Any advice would be much appreciated!