Stunning, meticulously maintained home with 4 bedrooms, 3.5 baths in the highly sought after Fairwood Community! Built in 2013, this spacious beauty is located at the end of a quiet cul-de-sac and offers over 4,000 sq ft of indoor living space. The main level contains gleaming hardwood floors and boasts a gourmet, eat-in kitchen with granite countertops, ceramic backsplash, an island, recessed lighting and stainless steel appliances. The family room and sunroom provide a cozy retreat with their dual fire place and tons of natural light! The main level also has a combination living room/dining room, office/study and half bath. The second level contains a staircase with custom wrought iron spindles, gleaming hardwood floors and 4 spacious bedrooms with tons of closet space. The master bedroom is a private retreat with its tray ceiling, dual fireplace and well lit sitting area/sunroom. This room also has two walk in closets and a master bath with dual sinks and a separate shower stall. The lower level is great for entertaining with its large, finished recreation area, wall to wall carpet and full bathroom. This level also contains a separate finished bonus room with wall to wall carpet and a huge unfinished storage area that could be converted to a fifth bedroom. From the basement, walk outside to a beautifully fenced yard that backs to trees which contains a lighted deck and two stone patio areas (covered and uncovered). The entire lower level is secured with bars. This home also contains a two car garage, indoor sprinkler system, outdoor sprinkler system and a security/surveillance system. This gem is nestled in the heart of the Fairwood community which offers convenient shopping less than 5 minutes away, hiker/biker trails, a community pool, tennis courts and playgrounds. This amenity-rich home is a must see! It won't last long!
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.
