Looking for a home that can grow with your family? Then please check out this fantastic home that has all of that potential, plus more! This home, at present, boasts 5 bedrooms, but by no means, needs to stay that way! One of the downstairs bedrooms was originally the living room and can easily be turned back into such, while the second downstairs bedroom can be used as an office, playroom or den. Completing the downstairs is one of two full baths, eat-in kitchen, large pantry and 1st floor laundry. Up the center staircase, the second floor has three bedrooms and a full bath. The Master suite has three rooms, one of which is currently being used as a reading room/library. But, with a doorway that leads to one of the front bedrooms, could be turned into a nursery. There is also pre-existing water hook up in the third room of the Master Suite, so with a little work could made into a private Master bath! This home is complete with a large walk-up attic for plenty of storage or can be turned into additional living space if needed. Close to Green Lane Park and trails, you can get some nature time in, but why would you want to leave your beautiful yard, complete with a pre-established garden plot and mature perennials. A large, newly built and fully insulated shop/garage with 2nd story loft and off-street parking with space for up to four cars completes this property. The potential here is great and the possibilities are truly endless!! You can in large, be creative and make your perfect home. Bring your ideas, imagination and desires and make this home yours today! NOTE; updates to roof ( new roof ordered and being installed) old tank has been replaced.
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.
