Located on an approximately 0.22 acre corner lot, this beautiful home offers 1,492 square feet of open concept living space. The residence features three bedrooms and two full bathrooms, with a vaulted ceiling that enhances the spacious feel of the main living area. The thoughtfully designed layout separates the primary en-suite bedroom from the two guest bedrooms, which share a full bathroom on the opposite side of the home. Both the master bedroom and one of the guest bedrooms have direct access to the back deck, providing a seamless connection to the outdoors. The backyard is fully fenced and includes a dedicated dog run on the side, ideal for pet owners. For those with recreational vehicles or boats, the backyard offers potential for extra parking, complete with a double gate drive-thru opening for convenient access. The home also features a charming front deck, perfect for relaxing, and a spacious back deck off the kitchen, ideal for enjoying morning coffee or evening meals during the summer months. This bright, meticulously clean and lovingly maintained home is presented in immaculate condition, with several recent upgrades. Luxury vinyl flooring has been installed throughout the living room, hallways, kitchen, and bathrooms, while the bedrooms are finished with beautiful carpet. Additional enhancements include a reverse osmosis system for the kitchen sink, plantation shutters in bedrooms and living room, newer window and back slider screens, new front door, SS utility garage sink and stylish sliding barn doors leading to both the laundry area and the primary bathroom. A large, clean area beneath the house provides ample storage space. Situated in a desirable location near Ravenhill Park, this home is not located on a main thoroughfare and offers the perfect setting for those who wish to enjoy lake life at its best.
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.
