Nestled in a prime location, this inviting 1,563 square foot Colonial Tudor-style home effortlessly blends historic character with modern amenities. The home’s timeless appeal is immediately evident in its distinctive brick accent front, welcoming entry foyer, and original architectural details that capture the essence of its 1930s charm. With three bedrooms and one and a half bathrooms, the home features hardwood floors throughout the main areas, providing both warmth and durability. The bright and airy living room is a focal point, complete with a cozy wood/gas burning stone fireplace—ideal for relaxing on chilly evenings. The classical built-in shelves offer the perfect setting for displaying books and cherished décor items. The living room transitions seamlessly into a spacious dining room, creating an open environment that is perfect for entertaining guests or enjoying everyday family meals. Dedicated spaces within the home include a private office, a tranquil reading/second office/morning room, and an upstairs 3 season sunroom, providing flexibility for work, study, or relaxation. The kitchen features sturdy oak cabinets and durable ceramic tile flooring. For those seeking opportunities to customize, the third-floor unfinished attic provides potential for future expansion or additional storage solutions. The unfinished basement is a blank canvas, ready for your personal touch and finishing ideas. The two-car garage with newer siding offers ample parking and extra storage space. The spacious fenced-in yard is an added plus. Updates include a new roof (2023), a new furnace (2023) and a new hot-water tank (2024). The home’s ideal location places you close to all essential amenities, including grocery stores, restaurants, shops, and hospitals, ensuring daily errands and needs are easily met. Don’t miss the opportunity to own this unique property that perfectly combines historic elegance with everyday functionality in a highly sought-after neighborhood.
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.
