NOW OFFERED AT A GREAT NEW PRICE, HIGHLY MOTIVATED SELLERS - 1005 Joel Lane, located in the sought-after Oak Creek Estates of Genoa, showcases an elevated combination of sophistication, functionality, and spacious design. Offering three well-appointed bedrooms on the main level, an additional bedroom in the fully finished lower level, and three full bathrooms, this residence delivers exceptional flexibility for both everyday living and hosting with ease. The main level is defined by an airy, open-concept layout where natural light enhances the connection between the main living area, dining space, and a well-appointed kitchen featuring extensive cabinetry and abundant counter workspace-ideal for both casual meals and refined entertaining. The fully finished lower level extends the home's livable footprint, featuring a custom wet bar, oversized recreation area, full bathroom with a jetted soaking tub, and a private bedroom. This level lends itself perfectly to a guest suite, media lounge, fitness studio, or multi-purpose retreat. Additional modern conveniences include a tankless water heater for continuous, on-demand comfort, along with energy-efficient solar panels (sellers negotiable on lease/payoff terms), offering long-term utility savings and sustainable living appeal. The exterior is equally impressive, with a professionally designed landscape and fully enclosed backyard that provides a serene and private setting for outdoor entertaining, relaxation, or recreation. Ideally situated near schools, parks, dining, and shopping, the property balances tranquil suburban living with convenient access to surrounding communities. Now offered at a great new price, this is an exceptional opportunity in today's market. For qualified VA buyers, take advantage of the rare ability to assume an existing VA loan at an incredible 3.875 interest rate-an outstanding financial advantage for eligible buyers.
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.
