Super well-maintained 3-bedroom, 1.5-bath quad-level colonial with lake access to TWO all-sports lakes—Cass Lake and Elizabeth Lake! Located in the highly desired Chetolah Shores subdivision, this home offers an inviting layout and a great opportunity for anyone—whether you’re excited about lake access or simply want a solid, well-kept home in a great neighborhood. The lake privileges are a major bonus if you want them, and the HOA is optional. The main level features a spacious living room, dining area, and kitchen, with a slider door leading to the privacy-fenced backyard and deck. Upstairs you’ll find three generously sized bedrooms and a full bathroom. The lower level includes a large family room, ideal for relaxing or hosting gatherings, along with a big half bath for added convenience. A full basement provides excellent storage space. All appliances are included, and several major items have been updated, including a newer furnace, washer, dryer, and refrigerator. This neighborhood offers access to two all-sports lakes for beachgoing, boating, swimming, and more. Residents enjoy PRIVATE Chetolah Shores canal access to Cass Lake, complete with a boat launch and beach area, plus the potential for a future boat slip through a seniority-based waiting list. You also have two neighborhood park access points to Elizabeth Lake. From summer boating and kayaking to winter ice activities, there’s always something to enjoy. Don’t miss your chance to own a wonderful home with the perks of lake living. Schedule your showing today!
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.
