AMAZING HORSE PROPERTY! In Vernon on 6.81 acres of flatland in a great and quiet location. This custom farm home has it all with 2,166 SF, 3 bedrooms, 2 baths and is move in ready. Walk into a large open living area with pine tongue & groove ceilings, beautiful 1X13 pine wood floors, pine doors with rustic hardware and a soapstone wood burning stove. The kitchen has custom wood cabinets, new upgraded appliances including a 6 burner gas stove, plenty of countertop space, a bar top area for breakfast and large sink. This split floorplan has a huge owners bedroom with a large walk-in closet, separate shower and big soaking tub. Enjoy a large front deck in the mornings and large back deck in the evenings for relaxing and entertaining. This lot sits on the edge of the Apache Sitgreaves National Forest and has million dollar views in every direction with riding trails for miles. The entire property is completely fenced with perimeter no climb fencing and cross fenced. There is underground power and water to every pasture, stall and building. 170X120 arena, 50ft round pen, 4 covered stalls, 5 pastures, tack rooms, hay storage, 2 large storage buildings, a large chicken coop and 3 water tanks for irrigation totaling approximately 10,000 gallons. A area for gardening with raised beds, roses, apple trees, peach trees and a fenced grassed area for pets. Plenty of room for guests in the bunkhouse and RV area with 30 amp hookup. A wood working shop with a wood stove and all machinery included. Home is fire safe and has a backup generator that will run the whole property if power goes out. Home has a new AC, new water heater, security doors, new gutters, down spouts, recessed lighting throughout, owned propane tank, metal roof, heated garage with storage room and included fridge and freezer. Don't miss out on this rare opportunity to start living the good life in the beautiful white mountain area of Vernon. Opportunity for potential of income with horse boarding.
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.
