Welcome home! This home has been lovingly maintained and thoughtfully updated, creating a place where memories are ready to be made. A welcoming open floor plan with cathedral ceilings offers generous space for both everyday living and entertaining. The heart of the home is the well-appointed kitchen featuring beautiful floors, built-in stainless appliances, including microwave, spacious pantry, and walk out bay with atrium door. The primary bedroom suite is sure to please with its walk-in closet and luxury bath with separate shower and jetted tub. The main floor also includes a convenient main floor laundry. The living room is a true gathering space bathed in natural light from an expansive back wall of windows. An open stairwell adds architectural interest while creating an easy, connected flow to the lower level. The finished lower level provides additional flexible entertaining space for guests, recreation, or relaxation and the possibility of adding a 4th bedroom. With roughly 2500 finished square foot of living area, this home offers space you won’t see in other homes. Your level backyard is perfect for your summer gatherings as it backs up to common ground. Updated/upgraded since ownership: flooring, baseboards, fresh paint & light fixtures throughout, installation of basement egress window, upgraded front door, installed upgrade 42" mocha kitchen cabinets, replaced kitchen countertops, kitchen backsplash, half bath vanity/top/faucet, upgraded primary bath shower doors, vanity/top/faucet, installed wet bar in basement, roof replacement, back steps installed, new basement flooring, new laminate flooring main floor. New hot water heater installed 2024. This home is ideally located in Festus School District and close to shopping and dining, this warm and welcoming home blends comfort, function, and lifestyle in a setting you’ll be proud to call home.
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.
