Incredible price on this country Marshall charmer! Step into the perfect blend of timeless character and thoughtful updates and custom features with this beautifully maintained historic farmhouse, set on two parcels yet it feels like you own several acres. Offering 4 bedrooms and 2 full bathrooms, this home delivers space, charm and modern convenience in all the right places. The main floor welcomes you with an inviting large living room showcasing beautiful hardwood flooring complemented by solid wood doors throughout. The kitchen is very spacious and is both functional and stylish, great for entertaining while it boasts a nice center island, granite countertops, modern backsplash, pantry, appliances are negotiable, and the convenience of main-floor laundry. Just off the kitchen, a dining area creates the perfect space and charm. A light and airy main floor primary bedroom has an impressive walk-in closet and sitting area you will love! Upstairs, you'll find additional flexible livingspace, including a generously sized bedroom that could easily serve as a second primary suite. With a custom built-in bookcase nook and another room attached to it currently used as a massive walk-in closet but can be an office, nursery or whatever you desire. The attached garage is extra deep, offering three-car capacity and two brand-new garage doors. Additional highlights include central air, natural gas heat and replacement windows for efficiency and comfort. Outside, enjoy peaceful rural living with the perfect front porch sitting, a fenced backyard and even a small chicken coop if desired. The property is beautifully landscaped and fresh mulch was just laid. This home offers more space than meets the eye and did we mention LOW taxes (Marengo and Eckford Township) so you get to avoid the high City expenses but get the best of both worlds as it is not too far from town. Lovingly owned by the same family for decades, this well-cared-for home is ready for its next chapter--come experience all it has to offer!
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.
