Assumption of Loan Requirement Letter for disaster loan servicing action request packages. About this document and download.I know most conventional loans aren't assumable but there's still possibilities. Just curious on anyone's experiences. An assumable mortgage involves one borrower taking over, or assuming, another borrower's existing home loan. Find out how it works. Can An SBA 504 Loan Be Assumed? Many types of loans are not assumable. With the government backing SBA loans, lenders can provide business loans with less stringent credit standards and lower down payments than conventional loans. Bank of America can approve SBA loan requests in-house (not required to get SBA approval) with faster turnaround times saving clients weeks of waiting.