72 Hour Kick-out. Welcome to your own private, rustic retreat- nestled on an 18-acre gated estate, just minutes from dining, shopping, & local conveniences. This craftsman-style cedar two-story home sits amid lush forest & partially fenced pasture, offering the ideal blend of privacy & tranquility in the heart of Locust Grove. Comprised of 3 parcels, this land qualifies for tax conservation and offers a unique opportunity for multi-generational living-so combine your funds & bring your family! Nature meets comfort with floor to ceiling windows in the kitchen breakfast nook, drawing in natural light while you have your morning coffee & watch the deer in your backyard! The spacious kitchen features granite counter-tops with tile back splash, an island, two pantries, & quality appliances for preparing meals. The spacious greatroom is a true showstopper with its flagstone fireplace, exposed wood beams, & 9 ' ceilings. The new LPV flooring compliments the home's earthy, rustic charm along with the natural wood floors. Outdoor living is just as inviting with an L-shaped wrap-a-round porch, expansive deck, screened porch, and cozy fire pit-to enjoy! There is a Detached 2 Car Garage or use as your own Workshop, and there is walk-up storage too. Encapsulated Crawlspace. Whether you want a mini-farm, want to raise livestock or plant a garden, hunt or want nature & a natural setting, this property offers it ALL!
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.
