One of the nicest Cottage style homes in 2018 Market neighborhood with incredible floor plan. A super low assumable rate at two point seven five percent is available with approval on this home! Open Foye that is perfect to decorate and greet guest. Gourmet kitchen with tile backsplash, gas range and designer stainless hood, plus tons of quartz counter tops, including a nice size island. Home smart features surround the home, with extended internet and wifi panel, thermostat and front door key pad. Open kitchen family room that's perfect for furniture setup. Relax in the evening on your spacious screened porch. Gas tankless Rannai water heater. First floor also features 1st floor guest suite or office with full bath access. Upstairs host a beautiful primary suite with trey ceiling, massive double vanity and oversized walk in shower. 2nd floor walk in Laundry rm. Private bonus room or guest quarters with full bath. This room is incredible, specially for a pool table or media room. Backyard area is private and plenty of room to extend patio for additional outdoor living. Ask about some outdoor living ideas. The neighborhood is aligned with sidewalks, that lead right to bass lake shopping center, plus the elementary and middle schools. HOA maintains the yards. Neighborhood features and awesome pool and clubhouse, plus kids play ground and dog park. Jones park access is right next to home, with ball fieds, kids play equipment and 18 hole disc golf. Minutes in any direction you go from shopping. Devils ridge golf course is right next to neighborhood which features 18 hole golf course and full dining club house, plus tennis and pickleball club.
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.
