Welcome home to Coral Ridge subdivision in Richlands, where you'll discover this 4-bedroom/2.5-bathroom home nestled away on a large, maintained lot. Enjoy NO HOA and NO city taxes here! Upon entry, you'll take notice of the spacious downstairs living area, accented with brand new waterproof luxury vinyl plank (LVP) flooring. The kitchen offers stainless steel appliances, a bar top for extra seating or stools, multiple cabinetries, an eat-in kitchen dining area, and adjacent formal dining room. Upstairs is where you'll find the four ample-sized (and freshly painted) bedrooms. The first full bathroom boasts dual-vanity sinks, newer fixtures, and a shower/tub combo. Across the hall is the primary bedroom, featuring two closets and en-suite bathroom with two large windows, dual-vanity sinks, and a shower with oversized soaking tub to melt away the stress after a long day. On the back deck, you can soak up the sun's rays in the summer, brush up on your grilling skills, or relax with company and guests. The fenced yard provides added security for children and pets. The covered front porch provides shade during the warm months, where you can rock away in chairs and become engrossed with a good book. Need extra storage? No problem! Between the garage AND shed, you'll have space for your vehicle, lawn tools, lawn vehicles, workout equipment, planting supplies, and more. A short driving distance away are local schools, restaurants, the hospital, OAJ Airport, beaches, military bases, grocery stores, shopping centers, and county parks. The home has been professionally cleaned and is ready for its new owners. Call today to schedule your showing!
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.
