SPACE GALORE... in this beautiful Cape Cod with wrap around porch, awesome salt water pool and a complete Terrace Level apartment with full stepless access including a separate driveway and separate garage on apartment level...no stairs at all! Step onto the beautiful front porch and enter the Foyer to the main dwelling which opens into large Great Room with brick fireplace and views the light and bright Kitchen with stone counters and large Breakfast Bar. A formal Dining Room and oversized luxurious Primary Suite with trey ceiling, two walk-in closets one cleverly hidden behind shelving in the stunning newly renovated primary suite Bath with custom tiled separate shower and beautiful claw foot tub plus a guest Powder Room and large Laundry (mud) Room complete the main level. Upper level features two Bedrooms (one being used as a game room), a full Bath and Bonus Room/Office accessed by either front or separate rear stairs. The three car main garage is on the kitchen level. Off the Kitchen is the Deck overlooking the beautiful sparkling salt water pool. The fully daylight Basement in-law suite/apartment with separate entrance features a full Kitchen with all appliances, large Great Room, two Bedrooms, full Bath and half Bath plus second washer/dryer hookup and tons of storage. The serene and tranquil setting of this unique home surrounded by lush landscaping is perfect for entertaining or simply enjoying the "lazy hazy" days of summer. Hardwood floors throughout the main, new carpet and paint, high ceilings, 3 HVAC systems and much more.....all in a small charming community of just 41 homes!!
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.
