Welcome to City Square! This charming 3 bedroom, 2 bath home is less than 5 minutes to I-75 and downtown McDonough, with sidewalks that make it easy to walk to nearby restaurants and shops. The neighborhood offers fantastic amenities including two swimming pools, tennis courts, and a playground, adding fun and convenience just steps from your front door. Inside, you’ll find new luxury vinyl flooring throughout the main living areas, new carpet in the bedrooms, and fresh paint on walls, ceilings, and trim for a clean, move-in-ready feel. The spacious family room features a lovely gas log fireplace as its focal point. The kitchen includes newer stainless-steel appliances, a double oven with convection feature, a brand-new refrigerator, white cabinets, and a nice-sized breakfast bar, perfect for casual meals or entertaining. Guest bath has been updated, and the primary suite offers a relaxing garden tub. A spacious two-car garage with Brand new Garage Door adds even more practicality. Outside, enjoy a large, level, fully fenced backyard that is totally private, along with a large patio that’s ideal for gatherings, playtime, or pets. Major systems have been thoughtfully updated, including a brand-new architectural roof and a 3-year-old water heater. The seller is also offering a one-year home warranty for added peace of mind. Ideally located in McDonough, this home is close to Downtown McDonough, Richard Craig Park, Tanger Outlets, shopping, dining, and entertainment, and is just about five minutes from I-75 for an easy commute to the airport. No rental restrictions make this an excellent opportunity for investors as well.
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.
