Located minutes from downtown Berryville and Route 7, this Clarke County ranch offers more than 3 bedrooms and 1.5 baths; it offers a quieter way of living. Set on 0.75 acres along a peaceful cul-de-sac of established homes, the property enjoys a tucked-away feel, where nearby farms and open countryside define the landscape instead of congestion and noise. Renovated in 2018, this warm and welcoming home is filled with natural light. Large windows highlight beautiful hardwood floors, showcasing character and quality that are increasingly hard to find. The main living room flows into the dining area and kitchen, creating an easy layout for everyday living and entertaining, with an overlook of the large deck and expansive backyard. The primary bedroom features a nicely updated half-bath ensuite. A second generously sized bedroom stands out with stylish wainscoting, while the third bedroom is conveniently located across from the updated full hall bath. The expansive lower level offers excellent additional living space centered around a cozy wood stove insert. New carpet runs throughout, and a flexible bonus room provides ideal space for a home office, hobby room, or spare bedroom. A dedicated storage room, laundry area, and exterior access add everyday convenience. Outside, the property offers versatility and freedom with no HOA restrictions. The large backyard is well- suited for play, gardening, hobbies, or gatherings with family and friends. A generous carport leads directly to the side entrance for easy daily access and sits conveniently across from an additional storage room. Superbly located just minutes from downtown Berryville with quick access to commuter Route 7, this property offers the ideal balance of peaceful country living and everyday convenience.
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.
