Welcome to 21261 Somerset Street in Shorewood, an exceptional custom-built home. Nestled in the highly desirable Westminster Gardens subdivision, this 2007 residence showcases timeless design, upscale finishes, thoughtfully designed living spaces, and serene natural surroundings, offering a truly distinctive place to call home. As you enter, you're welcomed by a striking Prairie-style staircase, formal living and dining rooms, rich hardwood floors, custom arched entryways, and abundant natural light throughout. Just off the dining room, a beautifully designed butler's pantry features custom cabinetry, a bar sink, and wine storage, perfect for effortless entertaining or creating a convenient morning coffee bar. At the center of the home is the impressive two-story family room, highlighted by a stunning fireplace and expansive windows that flood the space with natural light while showcasing panoramic views of the backyard and pond. This inviting area flows seamlessly into the eat-in chef's kitchen, featuring 42" custom Prairie-style cabinetry, granite countertops, a commercial-grade 36" range/oven, a walk-in pantry, and generous prep and storage space. Just off the kitchen is a versatile craft room, playroom, or home office, ideal for keeping an eye on outdoor activities in the private, tree-lined backyard. This space could also serve as a fifth bedroom if needed. Upstairs, you'll find a luxurious primary suite with two walk-in closets and a spacious en-suite bath featuring a separate walk-in shower, jetted soaking tub, and double vanity. Three additional generously sized bedrooms complete the upper level --one with a private bath-along with a guest bathroom. The laundry room is also conveniently located upstairs. A full unfinished basement offers a blank canvas ready for your vision, whether you're dreaming of additional living space, a home gym, theater, or workshop. This expansive area provides ample storage and endless potential for future finishing. The home also features a 3-car tandem heated garage (23.6 feet wide; one bay is 30.6 feet deep, the other 24.6 feet), a paver patio, playset, hot tub, and mature trees that provide both privacy and a peaceful setting, while still offering beautiful views of the pond's lighted fountain from the hot tub. Additional highlights include two furnaces, two air conditioning units, and a fenced yard. You're going to love this home.
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.
