RARE ASSUMABLE LOAN ~ (subject to Lender & Credit approval) ~ First Come, First Served! 108 Terrapin Cross Way comes with a Once-In-A-Generation financial opportunity: Approximately $250,000 of the $500,000 purchase price may be financed through assumption of the Sellers' existing LOW-RATE ASSUMABLE loan for qualified individuals — a significant advantage in today’s market. THE RESULT: substantial monthly savings and a sophisticated financial structure that sets this property apart from others in the neighborhood. This particular opportunity allows you to create a smart, blended-rate mortgage and INHERIT an extraordinary pre-2022 interest rate to reduce your overall BLENDED MONTHLY interest rate potentially into something SUPER AFFORDABLE. With 5 Bedrooms and 3 Full baths, 108 Terrapin gives you room for your family to grow and expand, as well as have space to work-from-home. A guest room & full bath down are great for friends and aging parents. The Primary Suite and 3 additional generous sized bedrooms can be found upstairs all centered around the common loft area gathering area. The back half of downstairs is the heart of the home, where meal prep and family gatherings happen every day of the year! The .27 acre lot provides a generous back yard for ample gardening and play space! And the location within Lost River is ideal as well…you are just a short walk to the neighborhood pool & pavilion, tennis courts, playground,and access to the walking trail….everything is at your fingertips. Here’s why this home is a great move: SMART Blended Interest Rate - making your monthly mortgage payment MUCH MORE affordable SMART Structure - Meritage Homes are well-known for their multitude of build-in energy efficiencies that lower your carbon footprint, help preserve global resources and dramatically reduce your utility bills! PEACE OF MIND - this home has a brand new HVAC 11/2025 & 20+ years left on the life of the roof and 5 years of builder structural warranty! All you have to do is MOVE IN and ENJOY:-) With a neighborhood that is super social, having something for everyone in the family to engage in and enjoy nearly every month, you won’t find a better neighborhood to call your neighbors your friends! If you think too long on this one…she’ll be gone and you’ll be kicking yourself. Let’s talk about how to SIEZE this opportunity BEFORE the new year when more buyers (i.e. competition) come back into the market! NOTE: Greenville County has correct HSF of 2913.
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.
