This spacious 3-bedroom, 2-bath home offers a versatile layout with two distinct living areas and thoughtful features throughout. The main living room is located at the back of the home and provides a comfortable gathering space with a built-in bookcase for added character and storage. The front living area offers flexible use and would make an excellent home office, library, den, toy room, or hobby space. A large dining area sits between the living spaces, providing plenty of room for hosting meals and special occasions. The kitchen connects beautifully to the back living room through a half wall with a built-in breakfast bar or serving area, making it ideal for casual dining and entertaining. Kitchen highlights include a double oven, electric cooktop, and a textured tile backsplash that adds visual interest and style. One bedroom and one full bathroom are conveniently located on the main level, while upstairs features two generously sized bedrooms and a second full bathroom. Built-in storage in the upstairs hallway provides additional organization and functionality. Outdoor living is just as impressive, with a covered back patio and a fully enclosed backyard surrounded by a 7-foot metal privacy fence for security and seclusion. The attached two-car garage offers everyday convenience, while an additional one-car carport is accessed through a gated entry from the alley. A 20x15 workshop located off the alley is equipped with both 220 and 110 electric, insulation, and a roll-up garage door, making it ideal for projects, storage, hobbies or an additional garage. With its flexible floor plan, abundant storage, and private outdoor spaces, this home is designed for comfortable living and easy entertaining.
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.
