Motivated Seller! Beautiful 2.5 story, Eastwood built home in prestigious Meadowville Landing Community. Thoughtfully designed with large families in mind. 6 bedroom, 4 bath home with office. Luxury vinyl plank throughout. No carpet. Kitchen bares oversized, blue cabinets and elegant granite countertops with tons of cabinet space. Gas stove. Downstairs bedroom perfect for guests with closet and bath with bedroom and hallway access. Adjacent to the kitchen is the eating area that then flows to the living room with gorgeous gas fireplace. Downstairs also features the office with beautiful trim and molding. Or can turn office into the formal dining room. Head upstairs to find 3 halls beds and a hall bath with double sink. Laundry room on 2nd floor. Also find the expansive primary suite in second floor with huge walk in tiled shower with black grid glass door, double sinks, large walk in closet and separate toilet room. Down the hall find the door to the balcony where you can relax, watch the sunset, with river views. Go up the stairs to the third floor for the perfect teen suite that features a closet and bathroom. Private backyard, large 1.06 acre lot. A block from amenities that include pool, clubhouse, gym, playground, trails along the river, 2 piers/docks and boat ramps to the James River. Ponds throughout the neighborhood for fishing. Pickle ball court. Luxury meets convenience with easy access to 295 and rt 10. Close to Amazon and Lego with shopping close by. Yard has gas hookup for grill. Companion meter installed but not yet connected.
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.
