Modern condo living right in the heart of downtown St. Louis with walkability. Unit sits on the 4th floor of the Terra Cotta Lofts building over looking the Campbell house. Tall ceilings, a wide open layout, and large widows letting in tons of natural light give the unit a warm and inviting feel while maintaining the sleek modern loft athestic. This condo is one of the largest in the building, 1732 sq feet, giving you the space and comfort of a home with all the convenience you desire. Kitchen boasts real wood cabinets, SS appliances, large center island with breakfast bar, granite counter tops, and sleek tile backsplash. Adjacent dining room provides space for a large table for entertaining. Primary suite has a 8 x5 foot walk-in closet, new carpet, and luxury bath with dual sinks plus separate jetted tub & shower. 2nd bedroom has large dual closets plus adjacent full bathroom providing space for an office or guest room. Entry hall provides extra storage with dual closets. Unit comes with a deeded parking spot in the attached secure garage. Additional features include: private storage locker in basement, community storage, bike storage area, trash chute, recycling containers, and a conference room you can reserve for events. One the best features is the unbelievable rooftop! You get 2 patio seating areas, a gazebo, a grill and a front row view of the Arch and the St. Louis skyline. It’s the perfect spot for morning coffee or watching the city light up at night. Building has fob and code access for security. Building sits close to restaurants, parks, & public transit. Walkability to CITYPARK (home of St. Louis City SC), Busch Stadium, Ballpark Village, Citygarden, Washington Avenue dining and nightlife, and the iconic Gateway Arch. Building is approved for conventional, FHA and VA mortgages!! This unit has an assumable VA mortgage at a 2.5% interest rate.
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.
