If you are looking for a home to move into quickly, this is the one! This beautiful craftsman-style home sits on nearly a quarter-acre lot with a 3-car garage and beautiful landscaping boasting beautiful curb appeal. From the moment you enter, the home feels light, open, and welcoming. The wood-look tile floors and neutral colors make it easy to picture yourself living here. The living room is warm and inviting with a corner fireplace and large windows allowing for lots of natural light. The open floor plan flows right into the kitchen, which features a large island with bar seating, quartz countertops, stainless steel appliances, a pantry, and glass upper cabinet doors adding a nice touch. At the front of the home, there is a bedroom that would also make a nice office. The spacious primary bedroom has a vaulted ceiling and a beautiful private bathroom with double vanities, a soaking tub, separate shower, patterned tile floors, and a large walk-in closet. The secondary bedrooms are comfortably carpeted, and the laundry room is very functional with extra counter space, cabinets, and a hanging bar. The covered back patio is perfect for relaxing or grilling in the evenings. There is also a storage building in the backyard for extra storage or work space. A concrete walkway runs from the front door along the east side of the home to the backyard. This home is conveniently only a few minutes from the Kickapoo Turnpike, schools and shopping. Take this opportunity to purchase a very meticulously maintained home that checks the boxes!
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.
