Price improvement!!….ASSUMABLE LOAN - 4.75% Welcome to this beautifully updated ranch with a versatile bonus room, located in one of the area's most popular subdivisions! From the covered front porch to the expansive, fully fenced backyard, this home offers the perfect blend of comfort, functionality, and style. Step inside to discover fresh paint, updated lighting, and durable flooring throughout, with absolutely no carpet anywhere. The spacious vaulted living room serves as the heart of the home, featuring a stunning fireplace and eye-catching wood accent wall. The thoughtfully designed kitchen offers abundant cabinet and counter space, a pantry, and convenient access from both the living room and dining area. The generously sized dining space provides plenty of room for everyday meals and entertaining alike. The split-bedroom floor plan offers privacy for the primary suite while keeping the secondary bedrooms tucked away on the opposite side of the home. The primary suite features a large walk-in closet with conveniently located laundry hookups, making laundry day a breeze. Upstairs, you'll find an oversized bonus room ready to adapt to your needs, game room, pool table, extra-large home office--flex space with possibilities. Outdoor living is equally impressive with a covered back patio complete with a ceiling fan, overlooking a large, flat, fully fenced backyard with plenty of room to play, garden, entertain, or simply relax around the firepit. Additional highlights include ceiling fans throughout and pest insulation for enhanced energy efficiency and keeping critters away. Neighborhood sidewalks, community parks, fishing pond and walking trail plus a convenient location close to post (gate 10), shopping, dining, and everyday amenities. This move-in ready home offers the space, updates, and location you've been searching for!!
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.
