Welcome to this charming home in East Norman, where peaceful views and everyday comfort come together. With 1,528 square feet, 3 bedrooms, and 2 full bathrooms, this well-maintained property offers a functional layout and a setting that’s hard to beat. Situated in a desirable neighborhood, the home backs directly up to the community pond and walking trails, creating a relaxing backdrop you can enjoy every day. Step inside to a welcoming living area filled with natural light and designed for both relaxing evenings and entertaining guests. The open flow between the living space and kitchen makes the home feel bright and connected while still maintaining a cozy atmosphere. The kitchen features beautiful stained wood cabinetry, granite countertops, and stainless steel appliances, giving it a timeless look that blends style with functionality. There’s plenty of counter space for cooking and hosting, along with ample storage to keep everything organized. The primary suite offers a comfortable retreat at the end of the day. The ensuite bathroom includes dual sinks, a soaking tub perfect for unwinding, and a walk-in closet that provides generous storage space. Two additional bedrooms and a second full bathroom offer flexibility for guests, family members, or even a home office. One of the standout features of this home is the outdoor space and hot tub. A wrought iron fence encloses the patio area, creating a private and secluded spot that’s perfect for morning coffee or relaxing evenings. Beyond the patio, another wrought iron fence runs along the back of the property, allowing you to fully enjoy the beautiful view of the neighborhood pond even from the hot tub. Homes with pond views and direct access to neighborhood trails are always in demand, and this one offers the perfect combination of comfort, scenery, and location in East Norman.
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.
