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Mortgage assumptions

Understanding your options

What is an assumption?

A home loan assumption allows you as the buyer to accept responsibility for an existing debt secured by a mortgage on the home you’re buying.  The two processes available to suit your needs are Qualified Assumptions, and the Name Change and Title Transfer Requests. 

Compare and find the option that’s right for you

Qualified Assumptions (QA)

• May allow for release of liability 
• Credit qualification required
• Average 90 day processing


This option allows you to release existing borrowers from an existing loan while maintaining the same terms and conditions.

QA is a loan approval process similar in nature to refinancing, and involves income and credit qualifying. 

NOTE: Not all loan programs are assumable. For more information, please request the Qualified Assumption application package.


This is determined by the loan program and (in some cases) where the property’s located. The average assumption fees range from $300 to $900. Additional 3rd party fees may apply.

Getting Started

Simply request the Qualified Assumptions application package, fill in the required information and mail it to Qualified Assumptions Dept, 201 Country Place Parkway, Suite B Pearl, MS 39208-6689. You may also call 1.800.844.2400.

Name Change and Title Transfer Request

• Allows for transfers of title
• Simple name changes
• Removal of deceased borrowers


This option lets you make administrative changes to loans that don’t result in release of liability. Changes may include altering the names of existing borrowers that may have changed due to marriage, divorce or death; or changes to the title (deed) by either transferring ownership to a Trust or adding family members to the deed if all requirements are met. 

NOTE: This process cannot release any borrower from liability for the debt.


Most of the services provided have little cost and range from $100 - $125.

Documentation Required (additional documentation may be required)

• Copy of Driver’s License
• Copy of Social Security Card
• Completed W-9 Form
• Necessary Legal Documents, such as Wills, Estate and Probate Documents
• New Hazard Insurance Policy with name changes
• Executed Occupancy Form 

Getting Started

Simply call and request the necessary paperwork be mailed to you.  You can call 1-800-844-2400 or 601-208-3892 to start the process

Qualified Assumption Frequently Asked Questions (FAQs)

Are all loans assumable?

Answer: No, all loans are not assumable. Assumption eligibility is determined by verbiage in the note/mortgage. Generally ARM loans in the adjustable period, VA, and FHA loans are assumable.

What are the requirements to assume a loan?

Answer: A qualified assumption requires the assuming borrower to qualify for credit based on current underwriting guidelines. Credit score, debt-to-income ratios and other factors may be used to determine qualification, but vary based on loan type.

Will Trustmark National Bank remove my ex-spouse based on the requirements of my divorce decree?

Answer: A divorce decree typically does not obligate a lender to remove a borrower. The person that is awarded the property will typically have to qualify solely on his or her credit profile based on current underwriting guidelines regardless of the requirements of the divorce decree.

What if my divorce is not final?

Answer: A fully executed divorce decree/separation agreement along with a property settlement agreement that clearly details the requirements each party is obligated to follow (related to the property) is required in order to move forward with an assumption request.

How can a loan be assumed in the event of a death of the borrower?

Answer: The successor that is on title prior to the customer’s death or has inherited the property through probate will need to qualify for credit in order to assume the liability.

Do I have to go through the assumption process if I used my VA entitlement to secure the original financing and would like to release the co-borrower?

Answer: No. If the remaining obligated veteran used their entitlement to secure the original financing, the VA Regional Loan Center would need to approve the release of the co-borrower. The assumptions unit at the bank will process the release based on all the terms being met in the documented VA release letter.

What happens if the assuming borrower does not qualify to assume the loan?

Answer: If the assuming borrower does not qualify to assume the existing loan, he/she may choose to apply for a new loan by simply contacting a mortgage loan officer at 1.800-844-2400.

Will the seller remain financially responsible for the loan once the Qualified Assumption is approved and completed?

Answer: No. Once a Qualified Assumption is approved and closed, the seller is released from all future liability associated with the loan.

Will the person being released from liability for the loan be required to sign any documents?

Answer: Yes. In order to complete the Qualified Assumption, the person being released from financial liability will be required to sign certain documents. Because of this, a seller who is unable or unwilling to cooperate can prevent this process from being an option.

If I have a VA loan, does an assumption restore my eligibility?

Answer: The Qualified Assumption process primarily releases one or more borrowers from liability for the debt. Only if the person(s) assuming the loan has their own eligibility to substitute for the borrower being released will the eligibility be restored. If the buyers do not have any eligibility to substitute, then the original eligibility remains with the loan until it is either paid off or refinanced.

NOTE: This web page is intended to provide general answers to most frequently asked questions for the assumption of a loan. However, your specific loan request may have additional requirements that include, but are not limited to: satisfying investor guidelines, complying with state and federal laws, and adhering with the bank’s policies and procedures from the time of application to post-funding. For specifics and additional answers regarding your loan request, please contact Trustmark National Bank Customer Service Department at 1.800.844-2400.
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