Lawn, shrub, and tree service is included — and the solar panels are fully paid off but not required to be put to use. This 4 bedroom, 2 bathroom home in the gated Cambridge subdivision of Avalon was built in 2019 and still feels like new, but with upgrades you don’t get from the builder. It also backs up to a retention area so you get extra privacy with no rear neighbors. The layout is open and comfortable with a big kitchen island, granite countertops, stainless appliances, and a walk-in pantry. The living room has a custom media wall featuring an electric fireplace, wood mantel, and built-ins that make the space feel warm and finished. Throughout the home the fans and light fixtures have already been updated so nothing feels basic. The primary suite includes a wood accent wall, two walk-in closets, and an updated bathroom with new mirrors and faucets. The second bathroom has a new vanity and custom shiplap detail. Even the laundry room stands out with shaker cabinets, wood shelving, a drying rack, and a sliding barn door, and the washer and dryer were replaced just three years ago. Outside you’ll notice the extended paver driveway, clean landscaping, screened patio, and oversized covered lanai that’s perfect for relaxing or hosting friends. And with the solar panels already paid off, you get the benefit of lower power bills from day one. The fourth bedroom works great as an office, guest room, or flex space depending on what you need. The location is hard to beat too — just minutes from Publix, Anderson Snow Park, and the Suncoast Parkway for an easy commute.
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.
