Welcome to this stunning one-of-a-kind residence in the sought-after Lake Ridge Club, a chain of lakes community, with modern luxury across nearly 5,000 square feet of thoughtfully designed living space. This home features six bedrooms, 3.5 baths, a spacious loft, and a fully finished basement that creates an entertainer's paradise ideal for multi-generational living or those who love to host. As you enter through the gorgeous double doors, the expansive living room and formal dining room with soaring high ceilings welcome you into this remarkable home. The split floor plan ensures maximum privacy, with heart of the home being the chef's dream kitchen that opens to the family room with beautiful glimpses of Lake Minnehaha. This kitchen has custom solid wood stacked cabinetry with elegant crown molding, granite countertops, newer stainless steel appliances including a WIFI-enabled touch screen refrigerator, a separate prep sink, and soft-close drawers providing ample storage. The generous breakfast nook and convenient breakfast bar make this space ideal for casual family meals and entertaining guests. The main level features high-end waterproof laminate flooring throughout for durability and style, along with stunning newer windows that frame breathtaking lake views and spectacular sunsets. Two bedrooms and a full bath provide comfortable accommodations, while the recently remodeled guest bath and half-bath showcase custom vanities and charming modern farmhouse touches. The remodeled laundry room features designer tiles and butcher block countertops, plus a convenient mudroom for everyday living. Your personal sanctuary awaits in the expansive main bedroom suite, with coffered ceilings and double doors that open to the massive loft or flex space. This versatile area offers endless possibilities such as home office, play area for little ones, sitting room or homeschool space, all flooded with natural light from numerous windows and featuring stunning lake views. Go out onto the private balcony facing Lake Minnehaha to enjoy your morning coffee while watching gorgeous sunsets paint the sky. The en-suite bath is a masterpiece of luxury, complete with dual walk-in closets, double vanities and a large walk-in shower. The magic doesn't stop there. Adding a delightful touch of intrigue, a custom-built secret library door conceals a hidden stairway leading to the fully finished basement, an entertainment haven spanning over 2,100 square feet. This lower level could easily be transformed into an in-law suite or next-gen living quarters and includes a second primary suite with a Jack-and-Jill bath, two additional bedrooms, a dedicated movie room complete with furniture, and a custom bar ideal for entertaining. The massive bonus or game room provides endless possibilities for recreation and relaxation. A screened-in porch off the downstairs level offers a spot for outdoor relaxation, alfresco dining and grilling, with access to the spacious backyard. The property includes a two-car side entry garage with ceiling-to-floor cabinetry for organized storage, plus an expanded driveway. The low HOA fee includes access to the clubhouse and community pool, and for an additional fee, storage is available for boats/jet skis/RVs. Please check out the virtual tour for a stunning drone video showcasing just how close this magnificent home is to the lake. As added bonus, this home has a $275,000 plus/minus assumable mortgage at 2.875%.
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.
