Welcome to a rare blend of luxury, space, and flexibility in the highly sought-after Lake Ridge community! This stunning custom-built 2016 home sits on over an acre in acclaimed Midlothian ISD, offering the perfect balance of elegance and everyday comfort. From the moment you enter, you’re greeted by impressive ceiling heights, a striking entryway, rich marble floors, and detailed custom craftsmanship that elevate the entire space. The home lives large, with expansive rooms and a seamless flow that feels both open and inviting. The main level offers a highly functional layout with 2 bedrooms, 2.5 baths, and a private study, perfectly suited for multi-generational living or hosting guests in comfort. Upstairs is designed for both relaxation and versatility, featuring 3 additional bedrooms, an oversized gameroom, dedicated media room, and two flexible bonus spaces ideal for a home gym, creative studio, or additional office setups. The chef’s kitchen is a true centerpiece, complete with a 6-burner Thermador gas range, pot filler, double ovens, oversized island, and an expansive walk-in pantry, designed for both entertaining and everyday living. Step outside to your private backyard oasis featuring a sparkling pool, oversized yard, and a screened-in patio, perfect for year-round outdoor entertaining. A major bonus is the 1,200 sq ft detached back house (not included in main square footage), fully equipped with HVAC and electricity. Whether you envision a pool house, guest quarters, man cave, workshop, gym, or executive office, the possibilities are endless. Additional highlights include a spacious driveway, ample parking, and convenient access to major highways while still enjoying a peaceful, country-like setting.
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.
