Step into this beautifully updated home in the highly sought-after neighborhood of The Grove. Thoughtfully upgraded and meticulously maintained, this home offers both comfort and style at every turn. The main level features a stunning kitchen with granite countertops and backsplash updated just three years ago, flowing seamlessly into a warm and inviting family room. A dedicated wine bar and added coffee bar create perfect spaces for entertaining and everyday living. Enjoy a formal dining room, formal living room, and a bright bay window that fills the home with natural light, sure to make any holiday meal one you'll never forget. Upstairs, you’ll find newly updated bathroom flooring and a spacious layout. Enjoy the spacious laundry room, on the same floor as most of the original 4 bedrooms, creating convenience and efficiency when doing household chores. The fully finished attic expands your living space with a private living room, bedroom/playroom, and additional storage, offering flexibility for any lifestyle. Major systems have been well maintained with the roof, water heater, and upstairs HVAC all just four years old. Outside, enjoy a landscaped backyard designed for minimal maintenance, a newly sealed driveway, and freshly painted shutters completed last year. House is complete with a spacious 2 car garage, plenty of walkable attic storage, and a beautiful park right across the low traffic, one way street complete with a playground, which is sure to be a favorite for any youngsters. From the beautiful hardwood floors to the thoughtful upgrades throughout, this home reflects pride of ownership and attention to detail. A truly move-in ready property in one of the area’s most desirable communities.
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.
