Welcome home to 15 N. 7th Street, a rare corner lot bungalow with a detached workshop-ready three car garage within walking distance to the elementary school. This home features a bright and spacious eat-in kitchen with stainless steel appliances, which opens up to a cozy family room. Step directly into a screened in porch, light and bright, to enjoy morning coffee or an evening thunderstorm. The primary bedroom has dual closets and large windows while the other two bedrooms are split for privacy. Bedroom two offers a custom built loft bed and ample closet space. Bedroom 3 features a walk-in closet with a built-in Murphy style bed. Step out through the back door into a fully fenced private courtyard with a partially covered patio, cellar access, and extra wide double gate. An extra wide driveway leads to the detached 3-car heated garage is workshop ready with a movable divider. The additional fully fenced second yard space offers unlimited opportunities for gardening, play space, or cookouts. Enjoy a quick drive to Cataract Falls and McCormick's Creek State Park, or have a meal at Millie McGee's Gosport Diner, which was featured this year on America's Best Restaurants. Within an easy commuting distance to Bloomington or Martinsville, this home offers the best of a small town lifestyle with access to greater Indianapolis.
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.
