Unique property located in Rainbow Lakes Estates, a deed restricted community with no HOA. This 3 bedroom/3 bath home also has an in-law apartment with kitchen/living area and a separate room as a bedroom (has its own 1/2 bath but full bath is just outside the door in the main part of the house). Upon entering the home, you are met with a full wall of floor to ceiling cabinets. A turn to the right and you enter the family room with a full wall stone fireplace which is separated from the kitchen with a breakfast bar. Lots of cupboards and counter tops for all your gourmet needs. The kitchen also includes a breakfast nook overlooking the back yard. Straight through the family room opens up to a vaulted formal living area with French doors out to a screened lanai overlooking the back yard. There is also access to the garage from this room and from the lanai. Back at the home entrance, with a turn to the left you enter the bedroom area. There are 2 bedrooms and a completely remodeled bathroom. The primary bedroom just down the hall also has a newly remodeled ensuite bathroom. All the rooms have beautiful natural woodwork and tons of windows to let in the natural light. In addition, there is a skylight in the bedroom hallway and a solar tube in the 3rd bathroom which is located near the entrance to the in-law suite. A large bonus room off the kitchen could be used as another living space/game room/dining room/den or office. The home has so many options for design and with your personal touches could be a true showplace! The oversized garage is not only deep but has a wall of cabinets and peg boards and still has lots of space for your toys - for work or play. Access to the garage on the opposite side of the family room from the kitchen also includes a room that could be used as an indoor laundry room. There is a complete set up for laundry in the garage also. This truly is a one of a kind that with some TLC could be your next dream home. The roof was new in July of 2025. One hot water tank is newer and one AC unit was 2018.
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.
