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Assumption FAQ's

Assumption Information

What is a loan assumption?

An assumption is a transaction in which a person takes over responsibility for the loan exactly as it is. The terms, interest rate, principal balance and monthly payments do not change. The monthly payments are made without lapse.


Do all types of homes qualify for an assumption?

We are unable to process an assumption on homes that are Manufactured, Mobile, or Modular. Please contact a local PNC Mortgage office in your area for assistance in transferring this type of property.


Does the buyer have to qualify for an assumption? If so, how long will that take?

Most loans that are assumable will require qualification. We will run a credit report on the buyer, verify the buyer's employment and income. The qualification process takes about 4-6 weeks.


Who do I contact about a loan assumption?

For specific information concerning a loan assumption, please call us at 1-800-822-5626. Or if you wish, you can send us a letter with the details of the assumption request. Please include the loan number, all parties' names, addresses and telephone numbers and if applicable the relationship of the person assuming the loan and mail your letter to:


Assumption Department
PNC Mortgage
PO Box 1820
Dayton OH 45410-1820


If the person assuming the loan is going to give you any money for the property, please let us know approximately how much it will be. If they are not giving you any money let us know that also. Have all parties involved sign the letter.


When we receive the letter we will review your records and if the loan can be assumed, we will send the buyer an application package with all instructions included for completion. If the loan cannot be assumed, we will notify you accordingly.


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