1800 S Loy Road in Cornville is the kind of place that reminds you why people leave the big cities behind. Perched on 3.3 elevated and level acres bordering National Forest, this single level desert ranch home serves up wide open skies, endless trail access, and the kind of quiet you can actually hear. Ride, hike, or wander straight from your property line and disappear into Arizona's backcountry without ever loading the truck. Inside, the home keeps things simple and smart with a bright open floor plan, durable tile flooring throughout, and natural light pouring in from every angle. The kitchen was built for real life and good company with generous counter space, warm wood cabinetry, a built in pantry, and a raised bar made for coffee in the morning. The infrastructure of the home is dialed in with a fully owned solar, a wired backup generator, and the kind of practical upgrades that matter when you live a little freer. Deep wrap around covered porches keep the sun at bay while giving you front row seats to high desert sunsets and star filled nights. There is an attached two car garage with finished flooring, a hot tub perfectly placed for soaking under the Arizona sky, and a detached powered outbuilding ready to become your workshop, art studio, or escape hatch from the world. Full mare motel horse setup with fencing and turnout designed to let your horses roam across most of the acreage. Two detached sheds sit near the barn for easy feeding and daily care. This is rural freedom with modern comfort tucked into one of Cornville's prettiest pockets. Long distance National Forest views and northern facing glimpses of Sedona's Red Rocks are the kind of views the next steward of this land will never get tired of.
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.
