*ASSUMABLE VA LOAN FOR A VETERAN AT 1.75% INTEREST RATE* Ask agent for details! This stately and well maintained colonial with great curb appeal is situated on a quiet cul-de-sac with a fully fenced .31 acre backyard! Step inside this meticulously maintained nearly 4,000 square feet home and you’ll find 4 bedrooms + bonus room, 3.5 bathrooms, an office, a rec room and more. Upon entering you will be greeted by gorgeous hardwood floors and soaring ceilings, with the foyer opening to a refined formal living room opposite a prestigious formal dining room, perfect for hosting celebrations. Just down the hall through French doors you will enjoy a private main level office adjacent to a sunny two story family room, centered around a cozy gas fireplace. Enjoy open sight lines to the inviting and impressive remodeled kitchen, which features plentiful storage, high end custom cabinetry, granite countertops, newer appliances and a large dreamy island. Enjoy hosting BBQ’s on the oversized deck with a lovely stamped concrete patio (and fantastic storage shed). Laundry space is accessible off the kitchen. Upstairs, you'll find four lovely bedrooms with floor-to-ceiling windows for abundant natural light. While in the primary suite, enjoy the opulent tray ceiling and beautiful updated spa bathroom with an oversized shower, separate sinks and private WC. Of course, there is also a fantastic walk-in closet! Down the hall which overlooks the family room, enjoy three more generous sized bedrooms and another renovated bathroom. While touring, visit the endless possibilities of the lower level, which features a full bath and has been used as a bonus room, theater room, gym and guest space! Do not miss the HUGE unfinished storage space with a fantastic workbench and slop sink, perfect for both storage and projects. A bonus is the easy access to the rear yard via a walkup. The yard and is fully fenced. And finally, the two car garage includes great built-in storage. You will love the bright, cheerful rooms and the abundance of windows that allow natural light and seasonal enjoyment any time of year! With top notch schools (Ashland/Benton/Colgan pyramid) and meticulous Sellers, this is dream come true. It checks all the boxes for a forever home!
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.
