Location, convenience and room to spread out are just three of the standout characteristics of this beautiful home in Covington. Perfectly situated with a corner lot in a cul de sac, this home is convenient to everything, yet you can enjoy that country feeling with rolling pastures surrounding this neighborhood. Featuring large bedrooms and a spacious, fenced in backyard, you'll feel like you have room to breathe in the fresh air inside and out. Bring your rocking chairs for the covered front porch, made for relaxing! Step inside and you will find a front to back view of the grand living space. To your left are two larger than most bedrooms and a hall bath, to your right is one of the two garage entry points and the laundry room. Continuing inside you will be impressed with the 9-foot ceilings and the cathedral ceiling in the living room with a stone fireplace to keep you cozy on those cooler evenings at home. The kitchen, with tons of counter space, is ready for the chef to prepare amazing treats and meals with ease and the open floor plan allows you to still be part of the conversation. The newer stainless-steel appliances and gas range are standouts to be sure. The dining area is ample for large or small gatherings. Your primary bedroom, conveniently located on the main floor, will wow you with the space for even the largest furniture pieces. The bathroom has a large soaking tub and separate tile shower, double vanity and walk in closet. Up the stairs take a look at the huge fourth bedroom, which could easily function as a family room, guest or office space or a teen suite. Up here you will find an ample closet and a full bathroom too! Let's not forget about the easy attic access through the closet, perfect for storing your holiday decorations or off-season clothing. Out back you will find a substantial backyard, fully fenced, so let the kiddos or pets roam safely and still have plenty of room for your private veggie, flower or herb garden. Be sure to make your appointment to take a private tour of this home today!
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.
