OPEN HOUSE 7-18 (11a-1p) From the curb, you can tell this isn't the same old thing: an all-brick ranch that reads solid and deliberate, where newer homes went vinyl and repetitive. The front walk doesn't end at a slab and a storm door, but opens instead into a private courtyard, walled on three sides, so friends arrive somewhere with a little character before they're even through the door. |+| Step down into the great room, nearly 27' end to end, where a brick fireplace climbs floor to ceiling, and the wood beams and vaulted ceiling keep going to a peak high overhead. There's room for the sectional, the chairs, and everyone who shows up, and the space has a way of pulling them in and keeping them... the night running long, nobody wanting to leave. It's the kind of ''Brick & Beams'' character a production floor plan can't fake. Just off it sits a flex room, a second living space that works as a home office, a formal dining room, or a playroom as life changes. |+| The kitchen opens onto the great room too, so whether it's dinner or morning coffee in the bay-windowed nook, you're never cut off from the conversation. |+| On the other side of the home, the primary stretches wide, with a walk-in closet and sliding barn doors, and two more bedrooms sit just down the hall. Daily life stays on one floor, so the up-and-down of a two-story is gone, and laundry never means hauling a basket upstairs. |+| Expensive, invisible work is already behind you, too: a new water heater, a recent heat pump, and fresh floors, gutters, and paint. Your first year here is for living, not for a renovation list. |+| Downstairs, a full basement runs nearly the length of the house, ready for the workshop or gym you keep putting off, while the oversized garage swallows tools, toys, and two cars without the squeeze. Out back, a shaded patio looks over the yard on a quiet cul-de-sac, with walking and bike paths close by. |+| When cookie-cutter just won't do, this is where you stop looking.
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.