Spacious traditional ranch style home with discriminating attention to detail in every update this owner has thoughtfully done since 2002. Large 19x21 great room located at front left of home welcomes friends & family from the covered entry porch at driveway/patio at left of home. Natural light from windows, triple crown molding, smooth ceilings, LVP flooring, multiple storage closets enhance this room. From there you enter into the kitchen updated with granite, stainless steel appliances, nooks for books & countertop appliances, laundry room & large pantry. Solid Maple cabinetry with under cabinetry lighting, adds to the charm of the kitchen. Breakfast bar divides the kitchen & dining area. Living-dining area offers a gas log fireplace with granite surround & vaulted ceilings. This area is also accessible from the updated front porch. Lovely Plantation Shutters are installed throughout the home along with crown molding, oversized baseboards, & smooth ceilings. Engineered wood flooring is installed in kitchen, living-dining area, hallway, primary bedroom & bath. Primary bedroom has trey ceiling and ensuite bathroom with double sinks featuring a ship lap accent wall. Pocket door in bathroom accesses walk-in closet. Split bedroom design offers two additional carpeted bedrooms with hall bathroom. Large screened porch has cathedral ceiling & aluminum wrapped wood beams for preservation & added appeal. This owner thought of everything utilizing design appeal & quality workmanship when updating. The shed/workshop in the large fenced back yard is 10x15 & heated & cooled with electricity & plumbed for sink & outside shower. Landscaped yard also includes a waterfall Koi pond feature. This exceptional home is located in the Riverside subdivision, with NO HOA, and less than 1 mile from the ocean and a few blocks to the Intracoastal Waterway at the end of the street. Johnny Causey Boat ramp is a short distance away under the bridge. All the features & appeal that North Myrtle Beach has to offer are conveniently just a short drive from this gem of a 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.
