Come home to a slice of paradise in your backyard. Relax on your patio with a jetted hot tub covered by a metal decorative gazebo and a pergola that accents the outdoor living area. Use the area to wind down in the evenings or to entertain guests. Entrance to the home has a well appointed mud room area, with space to hang backpacks and to store shoes or other accessories. Secondary bedroom at the front of the home has plenty of natural lighting with windows that overlook the front porch. The office has wood laminate flooring and accent black pocket doors. A full guest bathroom is situated between the secondary bedrooms and office. Stunning gourmet kitchen features premium appliances, abundant cabinetry, with under cabinet lighting and expansive counter space with granite counter tops and glass tile backsplash. The expansive kitchen island is used as a breakfast bar and is great for entertaining when family and friends come over. A cozy living room features a decorative wood burning fireplace and huge picture windows that look over the backyard retreat. French doors in the dinig area connect the inside to the outside living area. Ceramic tile and a crystal chandelier complete the look of the dining area before entering the primary bedroom. Ample room allows for a sitting area in front of the windows that over look the gazebo in the backyard. The ensuite bathroom offers a stand up shower and a soaking garden tub.Cozy nook next to the sink is perfect when shaving or applying makeup. The highlight of the primary bathroom is the grand walk-in closet that connets to the laundry room. No more dragging the laundry thru the home.Once you have this feature in your home, you will never want to do without. This home is certainly not lacking in curb appeal with the charming front porch that welcomes you home each day.Owner has recently replaced the roof. Home has been lovingly cheerished and maintained and is ready for its next chapter. Come see this elegant gem today.
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.
