ASSUMABLE LOAN WITH 3.25 PERCENT RATE! Zoned for exemplary-rated ARGYLE ISD! Oversized lot! Smart Built, LEED Certified & energy efficient! Located in the unique, highly sought-after Harvest development. This home provides an open floor plan on a large, beautifully landscaped interior lot with brick planters and colorful foliage. A spacious covered front porch greets guests. Luxury Vinyl Tile flooring extends from the foyer through the downstairs living room, kitchen, and halls. New Berber Frieze carpeting, covers all bedrooms and the upstairs game and media rooms. All bathrooms are tiled. The kitchen is equipped with a stainless steel 5 burner gas range, microwave, refrigerator and dishwasher, granite counters, a herringbone glass subway tile backsplash, a counter-height breakfast bar with farmhouse pendant lighting, and a breakfast nook. The family room includes a gas log fireplace and a wall of windows overlooking the backyard. The formal dining room, currently utilized as a home office, creates a great flexible space. The Primary Suite is located downstairs and includes a bath with dual vanities, a walk in tiled shower, garden tub, private toilet and a walk in wardrobe closet. Both game and media rooms are located upstairs, along with 3 additional bedrooms and a full bath. Outside, a covered patio overlooks the spacious backyard, which includes an attractive storage shed. The garage provides an abundance of additional storage space and an EV CHARGING STATION. The app operated sprinkler system has a rain freeze sensor. Harvest offers an abundance of amenities which include a farmhouse coffee shop, a fabulous fitness center, a fishing pond with dock, a community farming area for planting your own vegetables, multiple pools & playgrounds, basketball court, dog park, hike & bike trails, picnic areas, an open-air event pavilion, & various outdoor gathering spaces to enjoy year round social events. Grocery-shopping only 1 mile away! HOA fee includes internet service.
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.
