As you pull down the winding road into the vast parking area, you feel it — country living in the city. Step onto the front porch and the sprawl of this home tells you immediately: there is room to truly stretch out here. The door opens and gorgeous floors greet you. The large living room was made for big, comfy furniture and the kind of flopping down that only happens after a long, well-earned day. A few steps forward and your world completely opens up. Natural light pours in through skylights and a sliding door, bathing the dining room in warmth. Every dinner party you have ever wanted to host suddenly feels inevitable. Holiday entertaining becomes a natural occurrence in a space this generous. The kitchen delivers. Endless countertops stand ready for any feast you can dream up, extensive cabinets guard every culinary secret, and the coffee bar of your dreams is waiting for you every single morning. The family room follows, anchored by a fireplace that breathes warmth and ambience into the space. The perfect place to let the day go. At the end of the night, slip away to the largest master bedroom you have ever laid eyes on. A walk-in closet begs you to update your wardrobe, and the master bath with its jetted tub turns every evening into a spa day. Three additional bedrooms offer endless possibilities — home office, workout center, guest suite. You decide. Step outside onto the wood deck and into your own backyard oasis. Stamped concrete patio, complete privacy fence, pure freedom. When you do decide to rejoin civilization, the freeway is right there waiting.This one won't last. Make your appointment 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.
