Rare opportunity to own this lovely home that sits on over half an acre with no HOA in a well-maintained Waxahachie neighborhood known for its consistently styled homes and clean, cohesive feel. This property features 3 bedrooms, 2 bathrooms, 1 living area, 1 dining area, and a versatile bonus room, with all flooring replaced in 2024, creating a fresh, updated feel throughout. The split-bedroom layout provides added privacy, while the bonus room offers flexibility as a home office, formal dining space, or potential additional bedroom. Additionally, you’ll find an updated kitchen featuring granite countertops, designed for both functionality and everyday living, along with a remodeled guest bathroom and custom blinds throughout, adding comfort and style across the home. A standout feature of this property is the approximately 500 sq ft fully insulated detached building with an oversized garage door. Whether you need a workshop, extra garage, studio, or flex space, this structure delivers. Inside, you’ll find a living area, full kitchen, and half bath -no shower, making it well-suited for guests, workspace, or a variety of living needs. The property also offers ample parking for boats, RVs, and multiple vehicles, with a combination of concrete and rock-lined surfaces for durability and ease of maintenance. Enjoy the extended outdoor living area with an expanded concrete patio, perfect for relaxing or entertaining. Access to the backyard is made easy with a solar-powered electronic gate, ideal for accommodating additional vehicles and equipment. The home features numerous important updates, with a detailed list included in the transaction documents for buyer review. Enjoy the freedom of wide-open space, functional improvements, and a neighborhood that reflects pride of ownership throughout.
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.
