Don’t Make a Move Without a visit this inviting 3-bedroom, 1.1-bath Colonial home nestled in a desirable Farmington Hills neighborhood surrounded by mature trees and a serene, wooded setting. Offering 1,580 square feet of comfortable living space, this home features both a welcoming living room and a spacious family room highlighted by a natural fireplace—perfect for cozy evenings and relaxed gatherings. The large kitchen is designed for functionality and charm, complete with a pantry, ceramic tile backsplash, parquet wood flooring, and ample cabinet space to inspire everyday meals and entertaining alike. Three generously sized bedrooms provide comfortable retreats, while the unfinished basement offers endless potential for storage, recreation, or future finishing. Step outside to enjoy the private backyard situated on a beautifully wooded lot with invisible fence. The low-maintenance Trex deck includes a gas line ready for your BBQ, while the backyard fire pit sets the stage for memorable outdoor evenings. Easy-care vinyl siding adds to the home’s curb appeal and convenience. Home has many beautiful perennial beds with nice garden walls. Significant updates provide peace of mind, including a roof (2012), vinyl siding (2012), central air conditioning (2013), expanded and updated electrical, fresh interior paint throughout, and a storm door. The attached 2-car garage has finished walls and ceiling, adding both function and polish. Ideally located near excellent schools, shopping, dining, parks, and more, this home offers the perfect blend of comfort, convenience, and tranquil living. A wonderful opportunity to settle into a home that truly has it all.
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.
