What a find! This home is full of your "must haves!" First, the charming curb appeal reels you in with a covered porch, dormer and subtle shutters. Once inside, the vaulted ceiling captures your attention, but it's that gorgeous fireplace with built-ins giving you the urge to kick off your shoes and get comfy. Although the living room is the center of attention, it flows seamlessly to the dining room, providing more space to hang with your peeps. And it's easy to whip up your family favorites in this kitchen, as it's designed with efficiency in mind. With an eat-in breakfast bar, audience members can enjoy dinner and a show. The quiet back patio is also right off the living and a great place to start your day, hang out with friends or wrap up your evening relaxing with your favorite beverage. When you're ready to call it a day, retreat to your owner's suite, complete with a tray ceiling, two closets and an ensuite with double sinks and jetted tub. Two more bedrooms are on the opposite side of the house for optimum peace and quiet. BIG BONUS! Head upstairs to find a FLEX SPACE where a friendly game of pool can settle the debate on its fate. Will it be a game room, craft space, office or 4th bedroom? If it helps you decide, there is a built in desk, but the pool table can stay with the right offer, so... What else? Interior laundry room, lots of storage in the hall and under the stairs, an easy to maintain yard and great location! Within walking distance to Veteran's Park and Heritage Trails Elementary. This neighborhood is quiet, just across the road from a farm, but still only a few minutes from I-35, Sooner Rd. and shopping and dining galore. Come see what I mean and see it today!
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.
