Nestled in the highly desirable Edgewater community, this spacious 5-bedroom, 3-bath home offers an incredible opportunity to create something truly special. The layout is exceptional, with the primary suite and three additional bedrooms conveniently located on the main floor, while upstairs offers a private retreat complete with an additional bedroom, full bathroom, and oversized bonus room ideal for movie nights, game days, or a secondary living area. At the heart of the home, the spacious kitchen was built for gathering. The oversized island naturally becomes the hub for conversation and connection, while extensive cabinet storage keeps everything functional and organized. The adjoining kitchen and living room flow effortlessly to the large outdoor space. Outside, the large level yard provides room to relax, entertain, or play, with wooded privacy along much of the property creating a peaceful backdrop. And the lifestyle here is hard to beat. Just a short stroll from your backyard, you can enjoy lake living at a moment’s notice. Life in Edgewater feels like a year-round vacation with resort-style amenities including an 18-hole championship golf course, private marina, pickleball courts, tennis courts, putting green, and more. Combined with welcoming neighbors and a true sense of community, this home offers the rare chance to personalize a property with incredible potential in one of the area’s most sought-after lake communities. With a well-designed floorplan and generous room sizes, a little cosmetic updating to the paint and carpet could completely transform this home and refresh this space.
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.
