Split Floor Plan 5 Bedroom, 3 Full Bath, 3-Car Garage home on an elevated 1-Acre+ lot backing to a pristine desert preserve with incredible views! Assumable VA loan at 2.625% available for VA-eligible Buyers who meet terms. Elegant details include arched entries, diagonally-laid tile flooring and high ceilings. The kitchen features granite countertops, upgraded 42'' cabinets with sliding shelves, recessed lighting, stainless steel appliances, a large island, and a computer/work area with additional cabinetry. Separate formal Living and Dining areas plus a Family room with crown molding and French doors leading to the screened-in Arizona room provide multiple spaces for entertaining while enjoying the views. The spacious primary suite offers a separate walk-in shower, soaking tub, double vanities, large walk-in closiet, and its own French door access to the AZ room. Laundry room includesa folding counter, sink, and extra cabinets. Outdoors boasts a large rear and side yard and a spacious Astro-Turf area for low-maintenance elevated living. 5th bedroom is being used as an office with wrap-around custom wood built-ins! Long extended driveway holds many cars for entertaining! Freshly painted exterior. Concrete mosaic table and chairs stay with the home. Alarm system installed.
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.
