Welcome to this spectacular Colonial home, perfectly situated on a picturesque 1-acre lot with the ideal balance of privacy, space, and low-maintenance living. A long private driveway leads to the attached 2-car garage and inviting front entrance, complemented by beautifully landscaped flowering shrubs and a charming covered front porch. The fenced backyard creates a private outdoor retreat, featuring garden beds, mature plantings, and plenty of space for entertaining, relaxing, or enjoying the outdoors. A spacious rear deck provides the perfect setting for summer barbecues and gatherings with family and friends. Step inside to a bright and welcoming foyer that opens to a classic Colonial floor plan designed for both everyday living and entertaining. The main level offers an abundance of living space, including a formal living room, family room, dining room, breakfast nook, large kitchen with center island, convenient laundry room, half bath, and direct access to the garage. Upstairs, you'll find four generously sized bedrooms, including a spacious primary suite complete with a private bathroom. An additional staircase leads to the unfinished attic, presenting an incredible opportunity to create a home office, fitness room, playroom, hobby space, or additional living area tailored to your needs. The expansive unfinished basement offers a blank canvas ready for your vision--create the ultimate recreation room, home theater, fitness space, or additional living area. Central heating and air conditioning provide year-round comfort. Utilities include private well and septic systems which contribute to the property's self-sufficient country appeal. With its desirable layout, abundant storage, expansion possibilities, and beautiful outdoor spaces, this exceptional property offers the perfect place to call home.
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.