Ask about possibility of 1% rate reduction ** Located in sought-after Briarwood neighborhood, close to historic downtown Summerville, Hutchinson Square, and 2 beautiful county parks! * This charming 4br/2ba home with beautifully updated interior and large fenced backyard with firepit and adorable storage shed. * The primary suite, plus 2 others, are on the main level, while the versatile 4th bedroom upstairs can serve as a guest room, home office, or bonus space. * Step inside the home to find stunning solid wood floors. The living room features a cathedral ceiling, a striking floor-to-ceiling brick fireplace, and a full wall of custom built-ins. The kitchen has been thoughtfully updated with ample, freshly painted cabinetry, sleek white quartz counters, a coffee bar, and a wine fridge. plus an additional butcher block counter area with wine fridge, stainless steel appliances, beadboard backsplash, pull-out trash cabinet, and a full-size pantry cabinet with pull-out shelving. Charming eat-in area with Bay Windows to back yard. The primary suite includes a custom walk-in closet and a beautifully updated bathroom with quartz counters, tiled shower, and tiled flooring. Other updates include a new roof (2020) and stylish new windows (2022) for peace of mind and energy efficiency. 2 Car attached garage, plus room for 6 additional vehicles in large driveway. Home includes smart Ecobee thermostat with room sensors, 3 Ring Exterior Cameras, Ring Doorbell, and Ring security system. Enjoy outdoor living in the fully fenced backyard featuring two privacy side gates (one wide enough for vehicle access), a 12x16 shed with cement plank siding and electric, fire pit, dreamy tree swing, and a 42" deep Intex pool with deck - perfect for summer days! Ideally located just 5 minutes from several grocery stores, as well as popular restaurants, shops, and everyday conveniences. Pine Trace Park is one of Summerville's newest outdoor destinations, just an 8 minute drive from Briarwood, featuring 300+ acres, including a beautiful huge pond with kayak rentals(or bring your own), Fishing Pier, Disc Golf Course, 6 miles of scenic walking trails, large beautiful pavilions, open green spaces and picnic areas, a modern inclusive playground, small or large dog parks, dog washing station, and concession stand. This home offers the perfect blend of comfort, character, and convenience - a true Summerville gem!
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.
