All lenders and CDCs should be cognizant of the loan program requirements for the assumption, assignment, and sale of SBA loans. Assumption of Loan Requirement Letter for disaster loan servicing action request packages.About this document and download. What Is Required to Assume an SBA 504 Loan? I am trying to complete the required application to assume a VA mortgage loan from my parents. Are SBA 7(a) Loans Assumable? Fortunately for borrowers, SBA loans, including the SBA 7(a) loan , are fully assumable with SBA approval. Complete the assumption agreement: Fill out and sign the loan assumption agreement, which legally transfers the mortgage responsibility to you. Another option to sell a business with an SBA loan is for the buyer to assume the loan. SBA loans are fully assumable with SBA approval.