Nestled on almost 12 acres of prime pasture land with mature trees all around, this is a secluded spot away from the hustle and bustle where you can live among nature at its finest. This 3 or 4 bedroom, 3 bath home has a wonderful open-concept first floor with great views into the yard and extended pasture land through the floor-to-ceiling windows all around. Decorative touches are everywhere with exposed beam ceilings, corbeled doorways, filigreed iron-work railings, engineered wood flooring in the den-dining area, stone floors, stamped-tin backsplash and butcher block counters in the kitchen. The primary bedroom upstairs lives large with its own ensuite bath and sitting area or reading nook which overlooks the first floor den-dining area. The strategically placed skylight ensures that your private oasis is bright and cheerful. In addition to the 3 bedrooms, this home boasts two extra bonus rooms upstairs, which could be used as a 4th bedroom or office space, craft room or even just plain extra storage. Outdoors, this home has everything you need for the perfect farm-life including 2 pole sheds, a horse stable with storage, small animal barn and one huge workshop-storage shed. The property also offers several fenced areas and a year-round pond making it perfect for raising a variety of animals. For those who love to entertain, the outdoor patio offers stunning views, picturesque stone floors, elaborate pergola, and outdoor grilling and fire pit areas. The solar panels convey with the property and certainly help to keep electric bills in check. The property has an ag-exemption, 2 electric meters, 2 water wells and two septic tanks along with an electrical hookup for an RV near the concrete pad where the basketball goal is. The dual utilities would allow for easy development of a second dwelling unit onsite if desired.
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.
