So, What's the Difference : Assumption vs SubTo (Subject To)

[Ken M.]

At it's basic level:

Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc

SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verification

Both have risks, but it's not my intent to be detailed in this post. Simply put, there is a very big difference.