How does FHA loan assumption work when selling a property.

[Arjun Epu]

we have FHA inetrest rate of 3.5 % from 2019, i have buyer looking to assume the loan with 650 credit score. i am looking to get answers for the following questions

1.) Does same interest rate gets assumed and how long does the process take in general in texas ?

2.) for the remaining equity, can he take second loan like Heloc or any other preferred option ?

3.) He has primary residence with conventional loan like 20 miles away from my place and he is planning to rent it. does it have any impact on closing or loan assumption ?? this is my first time dealing with FHA loan assumption. excuse me for my basic or dumb questions.

Thanks