So much to like about this home! Great curb appeal with majestic towering trees in the front yard. When you enter the home, the main living room is to the right with oversized arched bay window. This room provides more than enough space to entertain large groups of friends and family. The formal dining is just behind the living & offers a wall of wonderful floor to ceiling built-in cabinetry with granite counters for so much storage & workspace. In fact, this home has significantly more built-in storage than most of the surrounding homes. There is a lovely gas fireplace with raised hearth & wood mantle in the dining room to enjoy during dinner on those chilly winter nights! The kitchen boasts some amazing Samsung appliances including a DOUBLE oven which includes an insert to convert it to a TRIPLE oven. It also offers a steaming option, self-cleaning & blue tooth connection capabilities. There is a matching microwave & countertop stove as well as an attractive stainless steel custom vent-a-hood not to mention granite counters & 42 inch cabinets with undermount lighting & decorative see-thru uppers & a wine or coffee bar with wine fridge. The second living room is just off the kitchen & leading to the utility room. This living room could have so many uses including a home school area or media area as it previously had a projector mounted for movie nights. Speaking of the utility room, it is 22ft long with tons of built-ins for storage & plenty of counter space for prepping and folding. Guest bathroom has been nicely updated. Master bedroom includes private access to backyard & updated ensuite bath which boasts frameless shower with decorative river rock tile floor & rainfall shower head. The home sits on more than a quarter acre of land with plenty of space in the backyard for basketball goal & parking for a boat, cars or trailers. There is even a dog run or garden area in place. Close to schools, shopping, restaurants, parks, city lakes, and entertainment!
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.
