Finance
What is an 'assumption of mortgage' and is it available on all Idaho home loans?
AA new loan to pay off an existing loan; available on all loan types
BThe buyer takes over the seller's existing loan; only FHA and VA loans are fully assumable without lender qualification review✓ Correct
CThe seller's obligation to guarantee the buyer's mortgage
DAn agreement allowing the buyer to rent until assumption is complete
Explanation
An assumption allows the buyer to take over the seller's existing mortgage. Conventional loans typically contain due-on-sale clauses preventing assumptions without lender approval.
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