Price to Sell !!!! FHA assumable loan, rate is 2.625%, lender approval required!! Amazing and unique home with ample space for driveway parking, as well as quick access to 170 and 35. This home boasts an exceptional Private Suite, offering comfort for families who need separate living spaces or even a private office space. The Suite, features a Living room, Kitchenette with refrigerator, space for stackable washer, dryer, a full bathroom with walk-in shower, and large bedroom. Private Entrance from the outside and another door to main house. Makes this area a unique with endless possibilities. Enter the main house through brick-covered front porch, the foyer boasts 11 ft ceiling for the grand entry feel. The warmth of rich floors and charming art niches add a personal touch to the home’s welcoming atmosphere. The heart is the open concept Kitchen, dark stained cabinetry and elegant granite countertops. Offering plenty of storage and making meal preparation a breeze. The Large Family room, is the perfect gathering space for entertaining, floor to ceiling windows allowing for natural light with a cozy gas fireplace. The Breakfast area is big enough for a large table. The covered patio has a gas hook. French doors separate the study,office from the entertaining area with floor to ceiling windows. A spacious mudroom conveniently sits adjacent to the large utility room for easy access from the garage. The Master Bedroom is a true retreat, offering plenty of room for a king bed and additional furniture. As you enter the Master Bath through the beautiful French style doors, you will immediately notice the expansive His and Her vanities and closets, providing generous storage and organization as well as a walk in shower and large soaking tub. Within the primary residence there are also two more bedrooms offering privacy away from the open concept area and another full bath.
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.
