One or more photo(s) has been virtually staged. Owners are highly motivated to sell this home! An incredible bonus is the opportunity to assume the current mortgage with an approximate 3% interest rate through the existing mortgage company, saving you tons of money. This spacious 1,924-square-foot home features 3 bedrooms, 2 bathrooms, a separate family room, and 2 bonus rooms — one currently used as a walk-in pantry. The second bonus room could easily serve as a 4th bedroom, office, or gym. The garage has been partially converted while still offering plenty of storage space. The home is packed with desirable upgrades and features, including newer windows, granite countertops, solid wood soft-close kitchen cabinets, and laminate flooring throughout, with tile flooring in the bathrooms. Enjoy cozy evenings by the wood-burning fireplace, plus the convenience of an indoor laundry room. Exterior trim lighting can be customized with different colors to match holidays or your mood. The double-door entry opens into a welcoming foyer with an additional storage closet. The primary suite includes a walk-in closet and an en-suite bathroom. Both guest bedrooms feature double closets, and one includes a charming window seat with direct access to one of the yard areas. The oversized fenced backyard is divided into two separate sections. One side is perfect for pets, while the other features an above-ground pool (needs work), a large shed, and a paver patio area ideal for relaxing or entertaining. A double gate provides easy access and plenty of secure parking space for jet skis, four-wheelers, trailers, and or to secure business equipment. This home also offers fantastic curb appeal with a high-quality paved circular driveway that accommodates multiple vehicles. The low HOA fee is an added bonus, and the community's amenities include a basketball court, park, and pond.
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.
