Assumption of Loan Requirement Letter for disaster loan servicing action request packages. About this document and download.Proof of ongoing insurance on the collateral with the SBA named as mortgagee must be provided. SBA loans are fully assumable with SBA approval. Getting this approval, however, can be very complex. Below is a list of items needed for Assumptions before and and after closing. An assumable mortgage involves one borrower taking over, or assuming, another borrower's existing home loan. Find out how it works. The minimum down payment when someone buys a property is three and a half percent down when you go to assume the loan. To make your case, include detailed financials, a clear business plan, and compelling reasons for the loan.