Come check out this gorgeous all brick home on over a half-acre overlooking a beautiful common pond in highly sought-after Woodcreek! This home has hardwoods throughout the main living area, with tile floors in the kitchen and master bath. The kitchen boasts stainless appliances including a six-burner gas range, white cabinetry, custom backsplash, and quartz countertops. The entire home has custom plantation shutters and high ceilings. Upon entering the home, you are immediately drawn to the formal living and dining rooms, along with the spacious foyer, all with beautiful hardwood floors. The second living room/den has gas logs with a custom surround and mantle and soaring high ceilings to give the space an even bigger feel. The home's more informal dining area opens into the den for larger gatherings and also features hardwood floors. The master bedroom features two closets, a tray ceiling with ceiling fan, a large tile shower with dual shower heads, a double vanity, and a private water closet, and the bedroom features passage to the fabulous rear masonry terrace for your morning coffee while overlooking the meticulously landscaped back yard and pond. The split floorplan gives the master bedroom plenty of quiet and privacy, with the additional three bedrooms being on the other side of the house. The second bath features cork flooring and a double vanity. There is also a conveniently located half bath in the main living area, also with hardwood floors. Last, but not least, there is a finished room over the two-car garage that can be an office or playroom! This home has an absolutely gorgeous yard which has been professionally landscaped in front and back, with a full yard sprinkler system, raised gardening beds for your vegetable or flower gardening, a completely fenced back yard with black aluminum fencing, and a shed/workshop complete with 100 amp service for welding or other higher powered tools and equipment. Please make sure your agent shows you the list of upgrades that have been done to make this property one-of-a-kind. All of this is located in Woodcreek, which is conveniently located close to Interstates and to downtown Lexington! Disclaim
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.
