Discover a one of a kind multi dwelling property on approximately 34.81 acres in Abilene, Texas offering a unique mix of space, functionality, and everyday comfort. The main home features 3 bedrooms and 3.5 bathrooms with granite finishes, commercial grade LVT flooring, built in storage throughout, and solid core doors for added privacy. The kitchen is set up for both daily living and entertaining with under cabinet lighting, great island storage, and a whole house water filtration system with reverse osmosis and a tankless style water heating system designed to provide consistent hot water. Much of the home also features dimmable lighting so you can easily adjust the ambiance throughout. The primary suite offers a comfortable retreat with a reinforced safe room style closet and a spacious en suite bath with a jetted garden tub. The warehouse style shop, also known as the man mansion, offers an impressive approximately 50x110 combination of shop and living space with multiple potential bedrooms, full kitchen, laundry area, office, and two full bathrooms, giving you flexibility for guests, multi generational living, or workspace needs. The shop is equipped with a 10,000 lb vehicle lift, large overhead doors, RV hookups, and multiple HVAC systems. Outside you will find an automatic gated entrance, carport, livestock pens with water and electric, a duck pond, deer blind, fire pit, and native grasses with natural reseeding oats. The property has previously been used for livestock and is set up to continue that use, while also offering great recreational appeal with deer, dove, and quail throughout the property. Appliances including refrigerators, washers, and dryers can convey.
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.
