Charming traditional estate in the City - Nestled on 2.2+/- acres within the city limits, this lovely traditional home is surrounded by majestic oak trees and mature landscaping - offering both privacy and natural beauty. Zoned R1, this unique property blends timeless character with modern comfort, featuring 3 bedrooms and 3.5 bathrooms, the home showcases beautiful hardwood, tile, and vinyl flooring throughout. The inviting living room is accented with crown molding and a cozy fireplace, while occasional stained-glass windows cast a warm, welcoming glow. A versatile wood-paneled den serves as the perfect all purposse space. The updated kitchen boasts wood cabinetry, a large pantry, add'l refrigerator, and a spacious dining area with a breakfast bar that comfortably seats 6+/- guests. Appliances include stove, refrigerator, microwave, trash compactor, ice maker, washer, and dryer. Enjoy year-round comfort with gas heat and electric A/C, plus ceiling fans throughout. The welcoming front porch is ideal for gathering with friends and family, while the expansive screened porch opens to a stunning saltwater pool and patio - perfect for entertaining. Add'l features include: security system, inside laundry, back porch, outdoor shower, cook shed for BBQ/ outdoor dining, spacious workshop/electric, charming vintage potting/garden shed, partially fenced yard with dog run, small pond and garden area. This is an opportunity to own a truly special home that radiates warmth, comfort, and character. Appointment only--a must see!!
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.
