Opportunity waits at this spacious Tudor in Midlothian Country Club. With over 3,900 square feet above grade plus a finished basement, this 3+1 bedroom, 3.1 bath home offers room to spread out and make it your own. Step into a grand foyer with ceramic tile and a unique atrium space that brings natural light into the heart of the home. The living room and family room each feature fireplaces, and the family room showcases cathedral ceilings, skylights, hardwood floors, and a wet bar - perfect for entertaining. A screened sunroom overlooks the backyard, creating an ideal space to relax. The kitchen offers table space, pantry storage, and connects to a separate formal dining room. Main-level office and laundry add everyday convenience. The second floor laundry is new to the home. Upstairs, the primary suite includes its own fireplace, two closets, and a renovated master bath with whirlpool tub, separate shower, and double sinks. Three bedrooms complete the second level. The finished basement provides incredible flexibility with a large recreation room, 4th bedroom or workout room, full bath, workroom, and storage - ideal for related living or extended guests. Three fireplaces, two separate heating and cooling systems, whole house vacuum, and two attic spaces (one in the home and one over the garage) offer function and future possibilities. Note the James Hardie Siding added in 2022. Attached 2-car garage. Situated on an oversized lot near the entrance of Midlothian Country Club with convenient access to commuter train, bus service, and interstate travel.
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.
