Welcome to Your Own Little House on the Prairie! Embrace the serene charm of country living with this modest, yet inviting, property perfectly situated on 5.21 acres just a short 8.5-mile drive north of the vibrant downtown Graham Square. This is more than just a house; it is a versatile opportunity that is ideal as a full-time residence, a peaceful weekend getaway, a profitable short-term rental, or a smart investment property. The setting offers the perfect balance of rural tranquility and convenient access to town amenities, allowing you to enjoy the quiet life without being too far from the city action. Step inside to a welcoming atmosphere where the open-concept living, dining, and kitchen area serves as the heart of the home. You can cozy up by the charming Franklin-looking wood burning stove on cool evenings or enjoy casual meals at the kitchen’s table. The home features three nice-sized bedrooms and 1.5 bathrooms, along with a flexible additional room currently used as an office that could easily be converted into a fourth bedroom, craft room, game room, or den. For a touch of daily luxury, the primary full bathroom features a large walk-in jacuzzi tub and shower combo, and the home includes a dedicated utility area with washer and dryer hookups. The outdoor space is designed for those who love to work with their hands. The property includes a round pen suitable for breaking or training horses, as well as a nice metal building with a concrete floor that doubles as a covered parking garage and a workshop. There is plenty of space to keep animals or to plant a garden. Whether you are working on projects or simply relaxing, you can enjoy your morning coffee or spend your afternoons watching the spectacular sunset from the comfortable covered front porch. This property is a quintessential slice of the country dream, ready for you to make it your own.
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.
