PLEASE DO NOT PLAN TO DRIVE BY THIS PROPERTY!! APPOINTMENT ONLY!!!! FIFTEEN THOUSAND DOLLAR PRICE IMPROVEMENT--OWNER MOTIVIATED. Several photos have been AI enhanced to show the picturesque potential of this property! YES...this IS the one you have been waiting for!! 4.87 acres of fairly level, wooded land and a charming little house you will anxiously look forward to making the 8.25 minute drive from downtown Cumberland to escape because YOU ARE HOME!! The house has many updates including a wood burning fireplace that will certainly make any snow day all the cozier. Imagine you in your jammies with an unlimited supply of hot chocolate, and a good book or your favorite movie and simply watch the snowflakes falling down---it doesn't get any better than this! It also has large replacement windows throughout that allow you to enjoy the outside of your retreat from just about every angle of the house. What makes this little piece of heaven even more heavenly is that the property is quite private and cannot even be seen from the road. There is a full basement below, a screened in porch and a lovely sun room with a mini-split to make it a year round addition to your lovely little cottage. The outside has beautiful trees, a gazebo, an arbor ( grapes maybe?), plenty of room for a garden and it needs a little TLC, but it certainly gives you the tranquility of privacy. PLEASE DO NOT GO ONTO THE PROPERTY WITHOUT AN AGENT, DO NOT DISTURB THE OWNERS AND THEIR PRIVACY. APPOINTMENTS ONLY PLEASE!
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.
