Located on 2 acres in the peaceful countryside of Sherman, 1464 Keyes Rd offers space, privacy, and opportunity all in one. This spacious barndominium features a well-designed layout with 3 bedrooms, 2 bathrooms, and over 2,400 square feet of living space , giving you room to spread out and make it your own. Inside, you’ll find an open-concept kitchen and living area that’s ideal for entertaining, highlighted by tall vaulted ceilings that create an airy, expansive feel. The split-bedroom design offers privacy, while the oversized primary suite includes a spa-like bathroom and plenty of space to unwind. A large mudroom adds everyday functionality and storage. There is a large laundry room just off the kitchen, and a bonus space off the living room. The bonus space can be used as an office, storage, or even a 4th bedroom. Step outside and enjoy both a covered front deck and a covered back porch—perfect for taking in the quiet country setting and wide-open views. This property has solid bones and is ready for your finishing touches. With just a few cosmetic updates like flooring in the bedrooms and finishing out the ceiling details, you can truly customize the space to fit your style—whether that means a clean sheetrock finish or enhancing the character with stained exposed rafters. Ideal for buyers looking to build equity, this property could be a great candidate for an FHA 203k renovation loan—be sure to visit with your lender about options. If you’ve been looking for acreage, a functional layout, and the chance to create something uniquely yours, this is an opportunity worth seeing.
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.
