Discover this breathtaking two story traditional home situated in the master-planned community of Paloma Creek. An inviting foyer with sweeping wood-look tile floors welcome you inside this expansive entertainers dream home designed with style and functionality. Located off the entry you'll find a wonderful home-office. Make your way into the open-concept living space showcasing a cozy wood burning stone fireplace and wall of windows illuminating the space with natural light. The gourmet kitchen is a chef's dream equipped with granite counter-tops, sleek Whirlpool stainless steel appliances, dual ovens and walk-in pantry. Gather for a quick meal in the breakfast room or host elegant dinner parties in the formal dining room. The primary bedroom is a true escape with a relaxing sitting area, tranquil ensuite bath with granite counter-tops, dual sinks, large soaking tub, seamless glass shower and custom walk-in closet system. Two good sized bathrooms are also located on the first floor and share access to a well-appointed full bath. A wrought-iron staircase leads upstairs where you'll find a spacious game room, dedicated media room, fourth bedroom with walk-in closet and full bath. Enjoy spending time outdoors on the covered patio. Paloma Creek offers exceptional amenities to suit every lifestyle with several Resort-style pools, fitness center, multiple parks and playgrounds, miles of hiking trails and just a short distance to Lewisville Lake.
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.
