An Assumption Addendum to Real Estate Purchase Contract is an addendum to a purchase contract that allows the buyer to assume the existing loan on a property that they are purchasing. This allows the buyer to take on the responsibility of the existing loan instead of applying for a new mortgage. There are two main types of Assumption Addendum to Real Estate Purchase Contract: FHA Assumption Addendum and VA Assumption Addendum. The FHA Assumption Addendum is used when the existing loan is a Federal Housing Administration (FHA) loan and has certain stipulations that must be met in order for the buyer to assume the loan. The VA Assumption Addendum is used when the existing loan is a Department of Veterans Affairs (VA) loan and also has certain stipulations that must be met. Both addendums must be signed by both the buyer and seller in order for the assumption to take place.
Assumption Addendum to Real Estate Purchase Contract
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