Summary
This document is a guide detailing the loan assumption request process for purchasing a property. It outlines the necessary steps for applicants to assume an existing mortgage, whether from a co-borrower or a third party. The guide begins with instructions on completing and submitting the assumption request form, which includes providing personal information and authorization to disclose information. It specifies the communication methods available for submitting the request, including email, fax, and mail. The document explains that the loan assumption process may take 90 days or more and that applicants must meet credit requirements. Following the submission, the lender will review the request and notify the applicant within 15 days regarding the next steps, which may include sending an application package or requesting additional documents. The guide further details subsequent steps, including underwriting review, signing the assumption agreement, and finalizing the loan transfer process, ensuring applicants understand each phase of the assumption.
