Discover this inviting 5 Bedroom, 3.5 Bath, Single-Level, MultiGenerational Semi-Custom Home with a Pool in the highly desired Cortessa community in Waddell, Arizona. Tucked into a quiet cul-de-sac with wonderful neighbors, this home is ideal for families with adult children, parents, or anyone who wants comfortable living spaces for everyone. A gated courtyard welcomes you inside and offers two separate entry doors, including a private entrance to the attached Guest Wing—perfect for added independence while staying close to loved ones. The Gourmet Kitchen is the heart of the home with a granite island, breakfast bar, gas cooktop, two wall ovens and rich Cinnamon Spice toned staggered height cabinetry. Enjoy your morning coffee in the cozy rotunda breakfast room with lovely courtyard views. Elegant touches are found throughout the home, like 10 foot ceilings, high baseboards, custom crown moulding, coffered ceilings, curved walls, and architectural niches. Bath 4 is a Powder room off the main entry for your special guests. Bedroom 5 works perfectly as an office or flex room with no closet, it connects directly to the Guest Suite which is Bedroom 4. The Guest Suite includes its own private bath, a wonderful setup for multi-gen living or pampered Guests. The luxurious Main Suite features a large walk-in closet, double sink vanities, a mirrored makeup vanity, a deep soaking tub, a walk-in shower, and a private exit to the covered patio and sparkling play pool. This home is also energy-smart, with 3 AC units replaced in 2022, radiant barrier in the attic, a tankless water heater, and gas heat. The Central Vac is a wonderful feature for convenience! The entire exterior has been freshly painted, and an RV gate on the side is ready for trailers, toys, or extra storage. Homes like this don't come up often in Cortessaespecially with a full guest wing and a beautiful backyard oasis. This home is the perfect fit for your multi-generational lifestyle!
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.
