Private hideaway, Family COMPOUND, AND INCOME-PRODUCING property with 2 detached APARTMENTS (with STR rental history) on-sight! This beautiful and expansive Spanish style villa on 2.61 acres is located in a quiet area with NO HOA (!) that is centrally located and just 15 mins to Canton, 15 mins to Cartersville and only 10 minutes to Waleska (and Reinhardt College)! This property is a nature-lovers retreat and has a seasonal view of a private lake, and it is only 5 mins to the boat launch at Lake Allatoona with a parking pad for your boat or your RV! Step into the main 2-bedroom dwelling which is all one-level, where you will be greeted by grand cathedral ceilings and WALL TO WALL windows with a tree-lined view throughout the home, that will unfold beautifully with the seasons. Start your day with coffee over the custom painted tile in the kitchen, or take it out to the quiet courtyard and entertain your guests at the kitchen bar or dine in the open-concept dining room. The main bathrooms boasts a jetted tub with picture windows over a private patio with a gorgeous view of nature where you can even see the moon and stars at night, and stay cozy next to your double-sided fireplace after the bath, that turns on with the flip of a switch, in your bedroom. Through the breezeway you will find the garage and 2 detached apartments, waiting for your family, your guests or immediate passive income. Each one-bedroom apartment can house guests with room for a king bed in each. One has stepless access and the other is located upstairs with its own entrance and a fantastic view of a lovely lake from the private deck. This property would make a wonderful multigenerational family compound, artist's retreat or even housing for students. Occupied, no drive-bys. Please call or text to schedule your appointment soon!
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.
