Welcome to this very spacious updated home that is totally Accessible throughout. 4 Bedrooms, 3 Full Baths and 1 very large half bath. Walk out finished basement has 1 Bedroom with a full Egress walkout door. 96” Closet, Full Bathroom, Laundry area, additional room that can used as an office, plenty of storage. Walk out to rear Private Driveway. First floor boasts a very large half bath, Living Room, Dining Room, Extra Large Eat In Kitchen with a portable Island and plenty of cabinet space. Door from Kitchen leads directly onto side porch and has direct access to the large enclosed lift. The lift makes the second level very easily accessible. It can also be used to transport carts, heavy bags, etc. The Living Room also has a door that leads to the side Deck/Porch. The large deck/porch spans from the front of the property to the rear, it is wide enough to fit plenty of outside furniture and it is covered. Second floor has 3 bedrooms. Main bedroom has a private full bath. The other 2 bedrooms share a hall bath. All rooms have plenty of closet space. HW floors throughout, CT in Kitchen, Engineered HW in basement. Central AC and new returns system from basement to 2nd floor installed in 2023. New Humidifier 2024. Ultraviolet air scrubber, HW heater/furnace 2022. Heater vents to the outside property does not need a chimney. All new 200amp Elec. Hardwired for WiFi. All new pipes from street into property.
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.
