Step into timeless character with modern convenience in this beautifully updated home originally built in 1920, rebuilt in the 1980s by a builder, which provided additional sq footage to the home. Situated in McDonough on almost 4 acres with fruit trees (pear, apple and peach) along with beautiful blooming flowers, this spacious 5-bedroom, 3-bath residence offers the perfect blend of historic charm, privacy, and functionality. With a Roof recently replaced (2022), new water heater (2021), new heat pumps(2021), your major systems are already taken care of so you walk in with a sense of knowing you don't have any major repairs coming your way any time soon. In your living room, you will find a full masonry built fireplace and newer hardwood floors. The flexible floor plan includes two full kitchens-ideal for multi-generational living, hosting guests, or even potential rental income with the upstairs having its own entrance. The master suite is located on the main floor and has a double vanity and a separate shower and a separate shower/tub area. Each bedroom in the home is well-sized with nice sized closets and there are three full bathrooms. Across from each bedroom you will find closets for extra storage. Home features a separate laundry room with plenty of built in cabinets and a sink and counter area. A flex space just outside the laundry room is great for a craft room or game room. Real hardwood trim enhances the doors and entry ways of this home giving the home charm and character. Almost every inch of this home has been utilized whether it be for living space or storage. Step outside and enjoy the expansive property, complete with a large 2,300 sq ft shop featuring durable metal siding with 3 roll up garage doors with electricity, water, internet already installed!! One of the large sections of this workshop is also heated, cooled, and insulated so you can work in comfort. This shop is truly an amazing addition to the property. Beautiful level lot with an oversized 2 car garage and additional parking. Whether you're looking for room to grow, space to entertain, or a property with income potential, this home truly delivers. With its unique character, modern updates, acreage, and versatile layout, this one-of-a-kind property is a rare find you won't want to miss.
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.
