Looking for a 5-bed single family home in North Coventry with charm, space, and outdoor perks? This Cape Cod-style home offers over 2,100 square feet of living space on a .24-acre lot just steps from Kenilworth Park! Nothing left to do in this amazing home in a beautiful setting. New Roof, Windows & extensive waterproof system in the basement have been completed! Truly just move right in! This cozy home offers great living space! The first floor provides you with a large bright living room w/wood burning brick fireplace as the focal point! Into the true dining area attached to the renovated kitchen featuring everything you need to enjoy a quiet evening at home or host an amazing get together! Plenty of cabinet and counter space in this kitchen! Additionally, you will find three good sized bedrooms along with a full bath - in excellent condition! The 2nd level of this home provides an additional two generously sized bedrooms! Use one as your home office or playroom. There is no lack of storage in this home. A largely finished basement with a generator outlet finishes this area with amazing storage. Entertaining in this area will be fabulous! Mini Splits provide efficiency for your cooling and heating (if desired). Step out to a large partially fenced backyard with an amazing firepit area, shed, and oversized 1-car garage with extra driveway parking. Tinkering around on the weekends on your projects will be amazing in this oversized space. BBQ's and Firepits will be remembered in this expansive yard area. Relax on the covered front porch or take a quick stroll to nearby tennis courts, soccer and baseball fields, walking trails, playgrounds, and fishing ponds. With low taxes, Central Air, new windows, new roof, extensively waterproofed finished basement and North Coventry's convenience, this home is a great find. Easy access to major routes including 100, 724, 422 and 23 yet tucked away in its own peaceful atmosphere! Shopping is moments away.
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.
