Meticulously well maintained home in Timberland Estates - NO HOA! Current VA loan at 2.75% may be assumable. This home shows and shines like new with many updates and improvements. The main door welcomes you to a warm and inviting foyer area. The open kitchen boasts granite counter tops, a large center island, and a custom built coffee / tea / drink serving station utilizing all space very well. The living room is just as comfortable with a fireplace and the entire room is accented with crown molding and ambient lighting. The dining room has ample room for gatherings and lets in plenty of natural light. The additional room on the first floor could be used as a family room or office. The main bedroom has been updated to include a larger walk in closet and updated full bathroom with soaking tub and shower. Second and third bedrooms are generously sized as well. The updated and ample laundry room has its own sink, counter top and cabinets. The basement area has plenty of storage space and rough in for an additional bathroom. Some unfinished walls have already been built and can be easily finished for more living space. There is also plenty of space in the two car garage and space to park outside with the extended and expanded driveway. The outside of this home is just as amazing. The front porch and walk way was redesigned with a more functional use with views of the surrounding mountains. The maintenance free back deck opens up to an extensively hardscaped area with seating, lighting, and a water feature. Vinyl privacy fencing encloses the back yard. Such an awesome place for entertaining or just to relax and unwind. Call today for your tour!
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.
