Built in 2023, this semi-custom Wakefield floor plan beautifully combines modern comfort with timeless design. Step inside from the rocking chair front porch to find a grand entry hall that opens to an office and a formal dining room with plenty of space to host holiday meals. Moving through the butler pantry, you'll find a well appointed kitchen that opens into the bright and airy two story great room with fireplace and a breakfast area. The kitchen features a gas cooktop, wall oven, stainless appliances, ample cabinetry, generous counter space, a large island perfect for gathering, and a walk-in pantry. A generously sized primary suite is located just off the great room with a spacious bathroom and a large walk-in closet, offering the perfect retreat within your home. A drop zone entry off of the garage, a conveniently located laundry room and a powder room completes the main level. Upstairs, enjoy a beautiful view overlooking the great room on the upper floor, a private bedroom with ensuite bath that provides a getaway for overnight guests, two generous size secondary bedrooms that share a jack-n-jill bath and a huge bonus room that provides the perfect space for a media room or rec room. The exterior features an oversized two car garage with bump out adding plenty of extra storage space or room for a work area and a level 2 electric car charger. Enjoying the outdoors is easy from the screened porch and patio that overlooks the partially fenced back yard.
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.
