Lakefront living awaits you on the highly sought-after, private all-sports Somerset Lake which is known for world-class fishing, exhilarating boating, and serene kayaking alongside an amazing community spirit featuring music in the park, pork roasts, festive parades, and the popular weekly Friday at Fives neighborhood gatherings. This exceptional home is an entertainer's dream offering a multitude of spaces to create lasting memories from the oversized deck and patio to the fire pit near the water's edge. This isn't just a house but your personal lake retreat where peace of mind comes standard because the major parts of this home are new or newer including a new roof and well in 2023, a recently pumped septic, and a newer furnace from 2020. The exterior was freshly painted in 2024 and features an on-demand hot water system meaning all the hard work is done and you won't have to worry about any major expenses for a long time. Inside you will find abrand-new kitchen with stylish new flooring and freshly painted rooms that create a bright and welcoming atmosphere perfect for a second home or a primary residence where you can simply relax. The living room is a true showstopper with soaring high beams and warm wood floors that perfectly frame the amazing lake views while mature trees provide shade and natural protection for the bay. Flexibility is key as your primary bedroom could be on any level including one with private balcony access while the walk-out lower level accommodates guests with ease. With additional updates like plush new carpeting in the bedrooms this home is unbelievably move-in ready so you can unpack and enjoy unparalleled privacy with a serene view of the woods across the lake that provides the ultimate up north cabin feel. Come experience the magic of maintenance-free living on Somerset Lake where every major update has been completed for your total comfort.
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.
