North Lake (Belton) Estates is a rural and peaceful setting very close to the north shoreline of Lake Belton ~ that offers great fishing and all sorts of water activities. For families with school age kids,…the elementary, middle and high schools were recently built in the highly acclaimed Belton ISD. The Sellers love this part of Bell County and have already purchased & moved a short distance away. As the subdivision was completed, it has maintained its quiet, well-kept and friendly appeal. This custom home has a very flexible floor plan with the master ensuite in the back left corner of the home with its own access to the covered back patio and pool area. The two secondary bedroom on the north end have a beautiful bathroom to share. The 2nd living area – right at front entry has double French doors that could easily be a 4th bedroom, home office, study, playroom or gaming room and the Formal Dining is left at entry. All counters are Granite and the Kitchen has a wrap-around two-level Breakfast Bar that opens to the Bay Window Breakfast area. Kitchen and Breakfast Area are open to a spacious Family Room with a stone accent Fireplace with mantle. In the early evenings, it is common to see families walking with their children, couples walking hand in hand and others strolling with their dogs. As night descends, the neighborhood becomes especially peaceful with a sense of warmth as well-lit homes demonstrate their pride in ownership. Sellers say it’s the perfect balance of tranquility and community interaction. The owners have a significant investment in professional lawn care with the entire yard having zoned inground sprinkler system that keeps a lush lawn and a beautiful curb appeal. Sellers will miss the backyard retreat that features a very spacious covered patio that overlooks an inground pool and two open patios next to the play pool. Buyer to confirm all measurements and information
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.
