All things bright & beautiful in the desirable Steeplechase subdivision. This absolutely adorable split entry home has been lovingly cared for & thoughtfully updated by its current owners, offering true turnkey living from the moment you arrive. With luxury vinyl plank flooring added throughout in 2022, a new HVAC system in 2023, tankless water heater in 2020 & the roof replaced in 2020, you can settle in with confidence knowing the big-ticket items are already done. Step inside to a welcoming living room that flows effortlessly into the tastefully updated kitchen. Here, stylish tuxedo cabinetry pairs crisp white uppers with rich, contrasting lowers for a timeless, upscale look. A classic subway tile backsplash, included stainless steel appliances, a charming farmhouse sink & open shelving add both function & personality. The spacious island provides extra prep space & seating, all illuminated by a striking linear chandelier. The dining room features sliding glass doors that lead to the outdoor oasis, a tiered deck with pergola overlooking the fenced in backyard, perfect for everyday living, summer evenings & effortless entertaining. Down the hall, you’ll find three comfortable bedrooms & a refreshed full bathroom complete with a soaking tub, tiled shower walls & a new vanity. The finished lower level adds incredible flexibility with a natural light filled 4th bedroom (complete with egress window & closet), a refreshed full bathroom showcasing a walk in tile shower & new vanity, plus a dedicated laundry room that keeps everyday living running smoothly. Additional highlights include an integral 2 car garage, natural gas forced air heat & central air for year round comfort. Centrally located in the quaint town of Pleasant Gap, you’ll enjoy quick access to historic Bellefonte, State College, and major routes including I 99 and I 80 making this home as convenient as it is charming.
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.
