Nestled in a charming neighborhood, this delightful 1930 Dutch Colonial home offers a unique investment opportunity with the potential for significant returns. With its classic stucco exterior and inviting character, this property is not just a house; it's a canvas for your vision. Boasting two spacious bedrooms and one and a half bathrooms, this residence is designed for comfort and functionality. The warm ambiance is enhanced by a cozy fireplace, perfect for creating memorable moments during chilly evenings. The full basement, with both interior access and a walkout entrance, presents an excellent opportunity for additional living space or storage, allowing for creative renovations that could increase the property's value. The detached garage and driveway provide ample parking, a sought-after feature in today's market. With a generous lot size of 0.15 acres, there's plenty of room for outdoor activities or potential landscaping enhancements that could elevate the property's curb appeal. Investors will appreciate the potential for rental income in this desirable area. The home's classic charm and functional layout make it an attractive option for prospective tenants, ensuring a steady stream of rental income. Additionally, the property's age and architectural style may qualify it for various renovation grants or tax incentives, further enhancing its investment appeal. The location offers easy access to local amenities, making it a convenient choice for renters or future homeowners. With no homeowners association fees to worry about, you can enjoy the freedom to personalize the property without additional costs. This property is not just a home; it's an investment in your future. Whether you're looking to add to your portfolio or seeking a project with the potential for appreciation, this Dutch Colonial gem is ready for your personal touch. Don't miss out on the chance to transform this charming residence into a lucrative investment. Schedule a viewing today and explore the possibilities that await!
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.
