Finance
A Texas assumption of a seller's existing mortgage requires:
ANo lender approval for FHA and VA loans
BLender approval for most conventional loans; FHA and VA loans may be assumed with lender qualification of the buyer✓ Correct
CTREC approval for the assumption
DA new appraisal regardless of loan type
Explanation
Most conventional loans have due-on-sale clauses requiring payoff upon transfer. FHA and VA loans are assumable but typically require lender qualification of the assuming buyer. Assumptions release the original borrower from liability only if the lender approves a full assumption.
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