What is an assumption?
A home loan assumption allows you as the buyer to accept responsibility for an existing debt secured by a mortgage on the home you’re buying.
The two processes available to suit your needs are Qualified Assumptions, and the Name Change and Title Transfer Requests.
Compare and find the option that’s right for you:
Qualified Assumptions (QA)
- May allow for release of liability
- Credit qualification required
- Average 90 day processing
This option allows you to release existing borrowers from an existing loan while maintaining the same terms and conditions.
QA is a loan approval process similar in nature to refinancing, and involves income and credit qualifying.
NOTE: Not all loan programs are assumable. For more information, download the Qualified Assumption application package.
This is determined by the loan program and (in some cases) where the property’s located. The average assumption fees range from $562 to $1,062. Additional 3rd party fees may apply.
Simply download the Qualified Assumptions application package, fill in the required information and mail it to Qualified Assumptions, TX2-981-03-25, 7105 Corporate Drive, Plano, TX 75024 to start the process.Download application package
Name Change and Title Transfer Request
- Allows for transfers of title
- Simple name changes
- Removal of deceased borrowers
This option lets you make administrative changes to loans that don’t result in release of liability. Changes may include altering the names of existing borrowers that may have changed due to marriage, divorce or death; or changes to the title (deed) by either transferring ownership to a Trust or adding family members to the deed if all requirements are met.
NOTE: This process cannot release any borrower from liability for the debt.
Most of the services provided have little to no cost and range from $0-$125
Simply download the fax cover sheet and fax the requested information to 1-866-200-5596 to start the process.Download fax cover sheet