ASSUMABLE FHA LOAN AT 2.6% INTEREST RATE A RARE FINANCING OPPORTUNITY Welcome to Residence 1201 at the iconic Newport Lofts, where downtown sophistication meets true loft living. Perched on the 12th floor in the heart of the Arts District, this 911 square foot open concept loft delivers soaring ceilings, exposed ductwork, and polished concrete floors that capture the authentic industrial character this building is known for. Floor to ceiling windows flood the space with natural light and frame sweeping views of the downtown skyline and surrounding mountains. The open layout gives you full freedom to design your living space exactly how you want it, whether that's a defined bedroom retreat, a home office, or both. The kitchen features sleek modern finishes, and the bathroom is finished to match the building's upscale industrial aesthetic. Newport Lofts is a full service high rise offering a rooftop pool and spa, a running track with panoramic 360 degree views, a fitness center, and a social lounge with a pool table and TVs for entertaining. Residents also enjoy 24 hour security, secured garage parking, and a prime location just steps from First Fridays, the Arts Factory, and the best bars and restaurants downtown has to offer, all within walking distance of Fremont Street and minutes from the Strip. This is downtown Las Vegas living at its finest, made even more attractive with an assumable FHA loan at 2.6 percent, a financing advantage that's nearly impossible to find in today's market. Schedule your private showing before this one is gone.
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.
