SO MANY GREAT UPDATES! NEW SEPTIC TANK & FIELD IN 2019, NEW AC IN 2020, NEW SIDING, WINDOWS & FRONT PORCH IN 2016. Tucked into the peaceful countryside just outside of Sheridan, this charming 3 bedroom, 1 bathroom home offers a simple yet comfortable lifestyle with room to grow, both inside and out. Whether you're seeking your first home, downsizing, or just looking for that ideal spot where you can truly unwind, this property balances privacy with convenience in a beautifully natural setting. Set on an impressive 1 acre lot, the outdoor space is one of the home's standout features. There's plenty of wide-open green grass for gardening, playing catch, or simply sitting back to watch the sunset from the back deck. On warm evenings, enjoy summer bonfires beneath star-filled skies, making memories long after the sun goes down. With ample room for outdoor projects or even a future workshop or garden expansion, the land offers flexibility for...whatever outdoor lifestyle you're dreaming about. The cozy 880 SF of interior living space are well-designed offering a smart layout that gives every room a purpose. The living room is a welcoming space with good natural lighting, and the kitchen offers functionality with the option to create your own culinary style. Whether you prefer a modern farmhouse vibe or clean contemporary lines, you'll have a great starting point. Plus, the adjacent dining area is well-suited for quiet meals or lively weekend brunches with friends. Each of the three bedrooms provides adequate room for rest and relaxation, with natural views outside and design opportunities within. The primary bedroom, the largest of the three, can serve as a retreat at the end of the day, while the additional bedrooms can be styled as guest spaces, a home office, or even a creative studio depending on your needs. One notable feature is the mudroom that adjoins the home and the attached garage. It's a practical space, perfect for Michigan seasons. Whether it's tracking in snowy boots in winter or kicking off sandals a
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.
