Welcome to 1005A Mississippi Ave - where location, layout, and livability all come together in a way that’s hard to find! Positioned on a desirable CORNER LOT in the highly walkable neighborhood of Lafayette Square, you’re just STEPS FROM THE BEAUTIFUL PARK and minutes from everything that makes Lafayette Square so special! Whether it’s a morning walk, meeting friends nearby, or simply enjoying the neighborhood, this is the kind of location that makes daily life easier and more enjoyable. Inside, the home is flooded with NATURAL LIGHT and grounded by beautiful HARDWOOD FLOORS, creating a space that feels both bright and comfortable. The main level offers a layout that works just as well for entertaining as it does for everyday living. With 3 bedrooms and 3.5 bathrooms, there’s room for everyone, and then some. The fully FINISHED BASEMENT truly expands your options, featuring a private bedroom and full bath that’s perfect for guests, a home office, or a separate living space. Upstairs, you’ll appreciate the convenience of 2ND FLOOR LAUNDRY right where you need it most. The primary suite will stop you in your tracks, offering a calm, spacious retreat complete with a spa-like bathroom and a STAND ALONE SOAKING TUB that invites you to slow down and relax. Add in a 2 CAR GARAGE, the extra light and privacy of a corner unit, and a layout designed for real life, and you have a home that checks all the boxes! Opportunities like this don’t come along often in such a connected, walkable setting—this is one you don’t want to miss!
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.
