This deal just went bad due to NO FAULT OF MY SELLER! Buyer backed out for no reason. Appraisal is complete and above value and home inspection has been performed and was extremely satisfactory! Do not let this “back on the market” status affect your decision to view this amazing three bedroom updated ranch home! You say you want a 3 bedroom, 2 bathroom ranch on a quiet street with an awesome backyard that is completely remodeled and ready to go? Look no further than this beauty at 1720 Sequoya Dr! You will love your oversized front yard and completely fenced in backyard where your kiddos or pets can run for days and days! Your two car wide, driveway gives you plenty of parking for your teenagers, guests, and entertaining during the Holidays! Dad will love his oversized garage, which has plenty of storage for all of the kiddos toys, Dads tools, and extra storage up top if you want to put in shelving! Mom will love her updated galley kitchen w/newer cabinets, granite countertops & all stainless steel appliances that stay w/ a proper offer! Your new ranch has hardwood floors throughout with an oversized living room that can fit the largest of sectionals and smart TVs! There are newer light fixtures throughout the home and fresh paint in many of the rooms so that all you need to do is grab the keys and move right in.….just in time for the Holidays! Your main first floor bathroom is already remodeled w/newer vanity, fixtures, surround & more! A new A/C and plenum were just installed by the sellers so your summer days are nice and cool! You’re going to love you’re partially finished basement, which has room for a fourth bedroom or your teenagers gaming room of their dreams & comes complete with a full bathroom next to the laundry area! Your teenager will love this huge lower level space which has potential for an additional bedroom if needed! Interest rates just dropped significantly, so what are you waiting for? Better book your appointment today before it’s gone!
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.
