This gorgeous, lovingly maintained two-story home sits in the desirable Oyster Landing community, perfectly positioned on the outskirts of Sneads Ferry for quick and easy access to both Wilmington and Jacksonville. Step inside to a grand foyer with vaulted ceilings, and formal dining room filled with natural light. Continue past the butler's pantry—and the additional walk-in pantry—to a gourmet-ready kitchen featuring timeless wood-toned cabinetry and a ''hard to find'' gas stove. The kitchen opens to an informal dining area and a cozy living room with a gas fireplace, warmly lit by the morning sun from the east-facing backyard, perfect for enjoying your morning coffee. Upstairs, you'll find generous space for family, guests, an office, or hobbies. All bedrooms are comfortably sized, two with walk in closets. The primary suite includes two walk-in closets, one in the bedroom and one adjacent to the spacious en suite bath with private toilet room, stall shower, and soaking tub. Outside, enjoy time outside on your front patio with a ceiling fan, with plenty of space for rocking chairs! In the backyard, you'll find a screened-in porch with an extended concrete pad perfect for extra seating, a hot tub, or your grill setup. The fenced backyard offers privacy and comes complete with a large storage shed that conveys with the home.
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.
