This is a terrific rural estate featuring a 4-bedroom, 2.5 bath home with a beautiful, in-ground pool on 2.36 acres MOL. This well-maintained property is located just minutes to Lake Draper marina and I-240 access for easy commuting. The home layout affords flexible uses for how you want to live, with a large front room that could be a formal dining or 2nd living area, a den/family room with wood-burning fireplace and a generously proportioned kitchen having a breakfast bar, island, plus an eating space set in a picturesque bay window allowing you to enjoy the view of your land and pool! The Florida room has been joyfully used as a game room that adds an additional 323sqft (MOL) of space that is NOT included in the advertised square footage. The primary bedroom has direct access to the Florida room and offers an en-suite bath area with tiled shower & a walk-in closet. The 3 additional bedrooms have good size to accommodate furnishings, and the house in itself has ample storage throughout. The land has been well kept and is truly beautiful! The swimming pool has a brand-new liner and new pump seals this season, so it's ready to be enjoyed. The home has some good updates such as the granite kitchen counters, updated wood-look tile in the kitchen, and new flooring in the family room. The home has been lovingly maintained and offers room for more cosmetic updates for someone to make it their own. There is a home warranty that will be transferred to the new owner that has approx. 2 years of coverage remaining. This one is worth making the time to come see!
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.
