Welcome Home to This Stunning Covington Estate on a Private Cul-de-Sac This beautifully appointed 5-bedroom, 4-bath home with a fully finished terrace level featuring one flex room used as a bedroom and one full bath offers exceptional space, luxury finishes, and outstanding indoor-outdoor living in a sought-after private Covington community. A grand two-story foyer and two-story family room welcome you inside, featuring a gas fireplace with a double mantle and an open, light-filled floor plan ideal for entertaining. The chef's kitchen showcases granite countertops, stainless steel appliances, tile backsplash, an oversized island, and an eat-in breakfast area, all overlooking the private backyard and expansive outdoor living spaces. Hardwood flooring flows throughout the entire home, with carpet only in the dedicated movie theater. The main level includes a two story family room, formal dining room, formal living room with detailed trim, and a bedroom with a full bath, providing flexibility for guests or multigenerational living. Upstairs, you'll find four additional spacious bedrooms and three full baths, including a Jack-and-Jill bathroom with double vanity and tiled flooring, along with a convenient second-floor laundry room. Elegant wrought-iron stair railings and catwalk overlook the family room, adding architectural charm. The oversized owner's suite is a true retreat, featuring tile floors bay windows, a private sitting area, and French doors leading into the spa-inspired owner's bath with a jetted tub, tiled shower, double vanity with makeup area, custom cabinetry, vaulted ceilings, and a California-style walk-in closet with two additional closets. The fully finished terrace level enhances the home's versatility and livability, offering hardwood floors throughout, a kitchenette with granite countertops and bar seating, recreation and game space, built-in shelving, and a state-of-the-art movie theater with seating for nine or more. The terrace level's flex room may be used as a bedroom, dance studio, exercise room, or home office, along with a full bath (not included in the official bedroom count). Outdoor living shines with two rear decks, double landings, wrought-iron pickets, and a concrete patio, all overlooking a private backyard-perfect for entertaining and relaxation. Additional highlights include a three-car garage, extra-long driveway, and concrete steps providing easy access to the backyard. With a full-price offer, seller is offering up to $10,000 toward buyer closing costs or interest rate buy-down, and the pool table will remain with full-price offer.
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
