Fresh and bright! This updated home is move in ready! Wood flooring can be found in the living room and upper level bedrooms. The kitchen has been remodeled with fresh white cabinetry, tile backsplash, farmhouse sink and the appliances will remain for your convenience. There is a door to the deck from the kitchen/dining area that leads to the spacious fenced in backyard. The main bathroom has been remodeled to include a dual vanity, lights, tub, vinyl plank flooring and more. Each bedroom has a ceiling fan. The lower level updates include vinyl plank flooring. The family room features a bar area. The lower level bedroom has a closet system and is carpeted. There is another 1/2 bath that has been updated as well. The laundry is located in the utility room, conveniently off of the garage access. The garage offers a workbench and more storage. A sump pump is in that space. While there is a one car garage, there is an additional concrete off street parking for another vehicle. The yard is set up for a garden area and has storage shed for your tools and more. Other notable features are gutter guards, fresh landscaping, stone paver patio, firepit and a 200 amp electrical service. This home has easy access to Scott AFB, Mid America Airport, Boeing and I64 access to all things St Louis. Home has passed the city occupancy and is waiting for you to make this one your next move! A/V recording on premises
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.
