2.75% Rate Assumable Loan: Save ~$850/mo for 25 years. A 2.75% assumable loan is the kind of opportunity buyers wait for, and this one actually makes financial sense. Most homes with assumable mortgages have such a low remaining balance that the benefit is limited. Not here. This home has an outstanding loan balance of approximately $405,000 with about 25 years remaining, creating a rare chance to step into a dramatically lower monthly payment. The current principal and interest payment on that first mortgage is about $1,836 per month. At a 6.5% interest rate, financing that same $405,000 would cost about $2,690 per month in principal and interest. That is a difference of about $850 per month in savings, for the next 25 years. Buyers can purchase the home and cover the difference with cash, or potentially use secondary financing in the form of a piggyback loan. The first mortgage is a VA loan with Rocket Mortgage, and non-veterans may be eligible to assume a VA loan, subject to lender and VA guidelines. Buyers should verify qualification and assumption requirements directly with the lender. And the financial advantage is only the beginning, because the house itself is exceptional. From the moment you step inside, you’ll notice the site-finished real hardwood floors throughout the main level. The newly refinished stairs in the grand two-story foyer create a true statement piece. Natural light pours into the home through new Pella windows on the back side of the house, complemented by modern light fixtures that give the space a fresh, updated feel. If you love to cook, the kitchen is ready for it, featuring a new wall oven with built-in microwave, new gas cooktop, spacious cabinetry, and ample countertop space. The oversized island with a large overhang creates the perfect gathering spot for conversation, casual meals, and everyday living. Even the practical spaces have been thoughtfully improved, with custom built-in wood shelving in both the pantry and laundry room, no wire racks here. The home also includes a new PLSS whole-home water purification system, delivering purified water throughout the house. On the main level, there is also an office that could serve as a 5th bedroom with the addition of a closet, adding flexibility for guests, work-from-home needs, or multigenerational living. Upstairs, you’ll find four additional bedrooms, including a spacious primary suite with a sitting area, large bathroom with dual vanities, ample storage, walk-in shower, jetted tub, and a large walk-in closet with custom storage. Need a secondary bedroom with its own private ensuite bath? This home has that too. Two more bedrooms are positioned at the end of the hall and share a beautifully updated bathroom. Downstairs, the large unfinished basement is filled with natural light from multiple windows and offers an ideal walk-out terrace level to the backyard, ready for storage, expansion, or future customization. Other notable updates include the high-efficiency HVAC system, water heater, and gutters. Located in sought-after Knollwood Lakes, a swim/tennis neighborhood in the popular Grayson High School district, this home combines meaningful long-term financial upside with tasteful updates and move-in ready condition.
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.
