MOTIVATED SELLER! Stunning Lakefront Estate with Guest House, Income Potential, & 2.75 percent assumable loan. Welcome to one of the most beautiful lakefront properties you'll find anywhere. This gorgeous 3-story home offers timeless beach house charm with cedar shaker shingles, a spacious wraparound porch, & breathtaking waterfront views. The main level features an expansive open-concept living & kitchen area with built-in buffet, & a brand-new spa-inspired primary suite with luxurious bath. With 4 oversized bedrooms, 4.5 baths, 3 distinct living areas, 2 dining spaces, a flex room, & large walk-in closets throughout, there's room for everyone. The ground floor offers a perfect setup for a private apartment or in-law suite, & additional storage & workspace are no problem with an attached 2-car garage (plus extra space), a shop, & a detached 3-car garage. Bonus: a charming 1,000sf guest house with 1 bed, 1 bath adds even more value & flexibility. The 4 + acre grounds are a dream: over 200 mature trees, tons of wildlife, a sand volleyball court, basketball area, gazebo, private dock for a fishing boat or jet skis, & serene lake views that make this property feel like a private resort. Best of all in addition to the 1.6 acres, you get an extra approx 2.5 acres of personal use land with direct access easement to Holly Island. This is land that is yours to use but you do not have to pay taxes on it! It also sits just behind Eagle Mountain Park with miles of beautiful trails, & the marina is just down the street. This home feels like you have escaped it all but it is just minutes to Saginaw, 20 min to downtown Fort Worth & 45 minutes to DFW airport. Currently operating as a successful short-term rental & wedding venue, Cottage Mariposa offers both lifestyle & income potential. Furniture & venue décor are negotiable—move right in or take over a turnkey business. Don't miss this rare opportunity to own a lakeside retreat with endless possibilities!
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.
