This is Jason's house. There are many like it in the neighborhood, but this one is his. Or it was. Life had other plans, and now it can be yours. Jason's house has been his best friend. He learned it as a brother, its strengths, its quirks, which window catches the morning light and which corner is best for quiet coffee before the world wakes up. He kept it clean and ready, even as he kept himself clean and ready. They became part of each other. That's not a figure of speech. There were tears during the goodbye speech rehearsals. The neighbors watched from their driveways and said nothing, which honestly made it worse. Jason and his house know that what counts in a home is not the filters, the deceptive angles, or the the lighting was just bad excuses you've come to expect. What counts is the truth. And the truth is this: 3 bedrooms, 2 bathrooms, 1,615 square feet, and a layout that actually makes sense, a revolutionary concept, we know. Room for family. Room for guests. Room for a home office, or that treadmill you bought in January that's currently holding your laundry. No judgment. This house has seen things. Football Sundays? Handled. Quiet mornings? Absolutely. Escaping the apartment neighbors who learned to tap dance at midnight? This is the one. Without Jason, this house will not be useless. It will simply be waiting, waiting for the next owner to master it as he did. To learn its parts, its seasons, its Sunday afternoons. So come take a look, and bring your spouse, because the moment you walk through the front door, you will begin the sacred argument over which bedroom becomes the office. It's a rite of passage. Don't say we didn't warn you. So be it, until the closing table, and there is no enemy but the moving boxes.
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.
