Sba Loan Assumption With A Mortgage In Miami-Dade
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FAQ
Conventional loans backed by Fannie Mae and Freddie Mac are generally not assumable, though exceptions may be allowed for adjustable-rate mortgages.
In Florida, buyers can typically assume federally guaranteed or insured mortgages, such as: FHA Loans: Insured by the Federal Housing Administration.
Only government-backed mortgages — loans backed by the Federal Housing Administration, U.S. Department of Agriculture and U.S. Department of Veterans Affairs — can qualify as assumable mortgages.
However, it is important to note that most conventional mortgages do not allow for third-party mortgage assumptions (this includes mortgages offered by Freddie Mac).
The assumable option is typically available on most fixed-rate mortgages. It's not available with variable-rate mortgages and home equity lines of credit. The lender must approve the buyer who wants to assume the mortgage. If the lender approves, the buyer takes over the remaining mortgage payments to the lender.
If approved by Fannie Mae, the servicer must document each approved assumption with an assumption agreement, or by an assumption and release agreement if a release of liability was agreed to, and record the agreement if required by state law.
A wide range of banks are SBA-approved lenders and offer SBA loans. Based on data from fiscal year 2025, some of the top bank lenders that issue 7(a) loans include Huntington National Bank, Newtek Bank, Northeast Bank, Live Oak Bank, JPMorgan Chase Bank, TD Bank, BayFirst National Bank and Celtic Bank.
