Price Improvement! Now Priced to Sell at $449,999! Located in the highly sought-after Lake of the Woods gated community in Orange County, this beautifully updated single-level rambler offers the perfect blend of comfort, style, and convenience. With over 1,700 square feet of thoughtfully designed living space, this home features three spacious bedrooms, two fully renovated bathrooms, and a flowing open-concept layout ideal for both everyday living and entertaining. Freshly painted throughout and featuring brand-new luxury vinyl plank (LVP) flooring with no carpet, the home exudes modern charm. The kitchen showcases updated cabinetry and ample prep space for the home chef, while large windows fill the living and dining areas with natural light. Major recent upgrades include a new HVAC system (2020), water heater (2021), and a Home Warranty INCLUDED for added peace of mind. Both bathrooms have been stylishly renovated with contemporary finishes. One standout feature is the encapsulated crawl space, offering clean, dry, and usable storage freeing up valuable garage space and enhancing the home’s functionality. Step outside to a serene back deck, perfect for relaxing or entertaining while enjoying the beautifully landscaped yard. As part of the Lake of the Woods community, residents enjoy access to an impressive array of amenities, including a private lake with beaches and marina, golf course, swimming pools, clubhouse, walking trails, parks, tennis, pickleball, and more.
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.
