Are all mortgages assumable?

No, only some types of mortgages may be assumed. In general, conventional loans (Fannie Mae and Freddie Mac) are not assumable—except in some cases involving divorce or death when the party assuming the mortgage already has a legal interest in the property.

Mortgages insured by the Federal Housing Administration (FHA) or backed by the Department of Veterans Affairs (VA) are assumable if they satisfy the respective requirements.

For all FHA and VA loans, a seller must obtain lender approval for an assumable mortgage.