Spacious, thoughtfully designed, and full of opportunity! This 4 bed, 3.5-bath home offers room to live, grow, and make your own. With neutral paint throughout, the interior provides a move-in ready canvas ready for your personal style. The main level is both functional and flexible, featuring a convenient laundry area, an eat-in kitchen, and a formal dining space that could easily be reimagined as a home office or playroom. Upstairs, a vaulted family room creates a bright and open gathering space, perfect for a play area, media room, or additional lounge space. The primary suite offers a walk-in closet featuring closet system, along with a private bath complete with double vanities, a whirlpool tub, and separate shower. Three additional bedrooms upstairs provide ample space for family, guests, or work from home needs. The unfinished basement expands your possibilities even further, already equipped with a full bathroom and an egress window, ideal for future finishing or continued use as generous storage space. Outside, enjoy a covered deck overlooking the backyard, perfect for relaxing or entertaining. The home also features a three car garage, NEW ROOF in fall 2025, and is situated on a cul-de-sac street, offering a quieter setting with limited through traffic. Located within the O’Fallon school district and already having passed occupancy, this home is ready for its next owner to move in and make it their own.
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.
