Welcome to this well-maintained 3-bedroom, 2-bath ranch-style home offering over 1,400 square feet of heated living space on a generous 0.51-acre lot. Conveniently located just minutes from downtown Lenoir, shopping, restaurants, and everyday amenities, this property offers the perfect balance of accessibility and peaceful living while still enjoying a quiet setting off the road. Inside, you'll find fresh paint and new LVP flooring throughout much of the home, creating a bright and inviting atmosphere. The functional floor plan includes a spacious primary suite with its own private bathroom, while the additional bedrooms provide flexibility for family, guests, or a home office. One of the standout features of this home is the expansive sunroom, offering approximately 330 square feet of additional space not included in the heated living area. Whether you're enjoying your morning coffee, entertaining guests, or simply relaxing while overlooking the backyard, this versatile space is sure to become a favorite. The lower level provides even more room to spread out with over 515 square feet of finished space that is not included in the heated square footage due to ceiling height. Complete with a cozy wood-burning fireplace, this area could serve as a recreation room, game room, hobby space, home office, guest space, or additional storage. In addition, the basement offers approximately 900 square feet of unfinished space with a one-car garage, providing endless possibilities for a workshop, fitness area, hobby room, or future customization. Additional conveniences include two laundry hookup locations—one on the main level and another in the basement—allowing flexibility to suit your needs. Outside, you'll find a fenced backyard perfect for pets, play, or entertaining, along with a storage shed ideal for lawn equipment and tools. A two-car carport provides covered parking and additional convenience for homeowners and guests alike. With multiple flexible living areas, abundant storage, covered parking, and a location just minutes from downtown Lenoir's shops, restaurants, and conveniences, this property offers the space, functionality, and versatility to fit a variety of lifestyles.
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.
