Welcome to 1803 Eastgate Drive in Terrell, a beautifully updated home that is truly move in ready. With over 1,600 square feet of living space, this home offers 3 spacious bedrooms and 2 full bathrooms, providing plenty of room for comfortable living. The family room features soaring vaulted ceilings and a stunning brick fireplace, creating a warm and inviting space that is perfect for relaxing or entertaining guests. The home has been thoughtfully refreshed with new interior paint, freshly scraped and repainted ceilings, brand new carpet in the secondary bedrooms, and newer carpet in the primary bedroom installed in 2023. Major updates provide peace of mind for the next owner, including a roof replaced in 2023, dishwasher and water heater installed in 2021, chimney cap replacement and chimney box repair completed in 2024, and a new security system added in 2024. Step outside to enjoy the oversized backyard, complete with a large patio that is perfect for grilling, entertaining, or simply enjoying the outdoors, along with a storage shed for additional space. The extended driveway offers plenty of parking and even room for a boat or RV. The location is hard to beat. The home is within walking distance of Terrell High School and just minutes from shopping, dining, and entertainment in nearby McLendon Chisholm and Rockwall, as well as Lake Ray Hubbard! This home has been well cared for and thoughtfully updated. Come see everything it has to offer! For a complete list of seller updates, please refer to the Transaction Desk.
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.
