Rare find! Perfect condo alternative, especially if you have a dog! Adorable move-in ready Mayfield Heights ranch offers one-floor living, completely updated, modern and fresh with loads of natural light! You will love this house if you cherish private outdoor living space! Plenty of room for an addition too! No backyard neighbors, privacy fence and views of nature, woods, and green space, just like living in the country! Open concept feel inside with a large kitchen and living room, two bedrooms, one full bath and laundry room all make for easy living! House feels open and spacious! Custom-made top-down bottom-up shades let you choose which level of privacy you would like! Encapsulated crawl space and attic with R-38 insulation means lower heating and cooling bills! Unique ramp entry at the back of house offers easy entry and allows pets and children to have a little fun! Large two-car garage lets you park inside while also giving you ample storage space! Enjoy the backyard scenery and wildlife, even on rainy days, on the large deck which has a small covered area as well! Last street in Mayfield Heights, Lyndhurst is behind your fence with no neighbors looking into your house! Newer items (2017-2026) include: roof (complete tear-off), siding, all windows and custom blinds, exterior doors, A/C, furnace, hot water tank, flooring/trim, beautiful white kitchen, remodeled bathroom, encapsulated crawl space, attic insulation, electric panel, service lines outside and much more! Updates and upgrades too numerous to list! Highly desirable Mayfield School District with Millridge Elementary. Close to schools, dining, shopping, parks, hospital, highway access and more!
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.
