Welcome to 2020 Elk Spring Dr - a beautifully upgraded 3-bedroom, 2-bath home offering modern elegance and thoughtful updates throughout! Major upgrades provide peace of mind, including a brand-new A/C (2023), impact windows installed in 2023/2024, stylish plank tile flooring throughout the main living areas, and a new garage door, motor, and spring in 2024. The show-stopping kitchen remodel completed in 2022 is the heart of the home, featuring stunning quartz countertops, a spacious center island with seating, sleek subway tile backsplash, new stainless steel appliances, and tall cabinetry with crown molding - all perfectly designed to open up the living space and create a seamless flow for entertaining. You’ll love the open-concept layout, with a bright family room boasting vaulted ceilings, expansive windows, and sliding glass doors that flood the space with natural light. At the front of the home, a formal dining and living area offer extra versatility, providing a welcoming space for gathering, relaxing, or enjoying quality time together. The primary suite is tucked away for privacy and showcases a tray ceiling, dual closets including a walk-in, private access to the screened patio, and a well-appointed en-suite bathroom with dual sinks and a walk-in shower. Two additional bedrooms on the opposite side of the home share a full bath, offering an ideal split floorplan. Outside, enjoy a screened and covered lanai that leads to a fully fenced backyard, offering a safe and private retreat perfect for pets, playtime, or quiet evenings outdoors. Located in a prime central location, this home is just minutes from shopping, dining, and major highways, making your daily commute a breeze. Move-in ready and filled with designer touches - this is the one you’ve been waiting for!
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.
