Set on two lots just minutes from Riverside Park, your new home delivers the kind of usable space that buyers in this price range rarely find. This 3 bedroom ranch offers almost 1,400 square feet of functional single level living, two separate one car garages, a dedicated workspace, a shed, and a large horseshoe driveway designed for real life.From the curb, the difference is clear. The home sits slightly off the road, creating a sense of space and presence. The expansive horseshoe driveway makes daily parking simple and stress free. Whether you have multiple vehicles, enjoy hosting, or just want room to maneuver comfortably, this layout works.The standout feature is flexibility. Two separate one car garages, including one with workspace, provide options that are difficult to find in this area. Storage for tools, recreational equipment, seasonal items, or extra vehicles is built in.The additional shed adds even more functional space. Inside, the ranch layout offers comfort, space and practicality. Three bedrooms provide room to sleep, work from home, or create a hobby space. The living room features durable LVP flooring and off the kitchen, the wood fireplace adds warmth and character, while the additional family room provides flexible space. The kitchen showcases well preserved charm, giving buyers the opportunity to take advantage of it, or personalize over time rather than paying for a cosmetic flip. The basement is clean, walkable and usable, with plumbing ran for a toilet, and a rooms suited for hobbies or storage among other potential options. Major mechanical improvements bring peace of mind. The furnace and central AC were replaced in 2022. The water heater is newer. The roof is in good condition. These updates reduce near term expense concerns and strengthen long term value. Location elevates the opportunity. Close to Riverside Park and convenient to downtown Grand Rapids, this home keeps you connected to trails, green space, dining, and city amenities while offering driveway and garage space many
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.
