Don't miss out on this spacious rancher on a large lot, with its 2007 square feet and a 2-car detached garage, close to schools, doctors and the hospital! Upon arriving inside this lovely home, you'll notice right away the over-sized entry area w/ pretty wainscot and plenty of room for a bench & coat rack. The vaulted ceilings in this entry/living room truly enhance the space, as well as the wood burning fireplace in the corner perched on a custom rock hearth. There are 3 bedrooms and 3 full bathrooms! The primary bedroom has French doors to the backyard, one of the full baths, and two large closets. There is a linen closet in the hallway, as well as a bonus linen closet in 1 of the bathrooms. In the kitchen/dining room combo there is a huge pantry, a farmhouse sink and oak cabinets. You must see the bonus wing of the home with its huge game room w/ engineered hardwood flooring, a pool table that is included and 2 closets. You could make this sizable wing your primary bedroom sanctuary with its 3rd full bathroom and the laundry closet with a washer & dryer that are included. This home boasts a newer furnace and a new sewer line. There is also Central Air! The large grassy yard has an in-ground sprinkler system, a concrete patio in the backyard and a shed that stays. The 2-car detached garage on the side and back of the home makes it easy to pull in on a snowy winter's night and enter through the back of the house. This home is highly livable with its cozy feel, smart floor plan and lots of room for everyone. Schedule your showing today!
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.
