why is my loan not assumable?I have an FHA loan that I refied to a rate of 3.75 a few months ago. my loan was sold to pennymac as a servicer and all payments made on time. I found someone interested in assuming my mortgage at the current rate so I could move on and get a bigger house. My servicer pennymac has been an absolute nightmare to work with. At first they told me I had to do a modification first in order to do an assumption. I filled out about a 30 page packet and waited. Noone ever called me back and then I was told that they dont do loan assumptions. If all FHA mortgages are assumable, shouldnt all servicers be required to let someone assume it. I feel im not getting one of the benefits of my mortgage. Doesnt seem very fair.October 02 2012 - US0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.