NEW LISTING | 232 Knightsbridge Drive | Archdale | No HOA AND ASSUMABLE MORTGAGE Tucked away on a quiet, wooded cul-de-sac lot in Archdale, this beautifully updated 5-bedroom home offers space, privacy, and an impressive list of recent upgrades -- all with no HOA.Since purchasing, the sellers have thoughtfully invested in major improvements, giving buyers peace of mind and modern finishes throughout:✔ New HVAC (2023)✔ New ductwork under the home (2023)✔ All new appliances (2022)✔ New front door✔ New French doors leading to screened porch✔ New front porch handrails✔ New fencing + storage shed✔ Brand-new front yard with fresh sod and grading✔ New upstairs bathroom renovation✔ New LVP floInside, you'll love the open layout connecting the family room, kitchen, and dining space complete with updated lighting and a cozy fireplace. The kitchen features quartz countertops, stainless appliances, and a bright breakfast area. Step outside to enjoy your large, fully fenced backyard from the brand-new deck or relax on the screened porch perfect for entertaining. Upstairs offers a spacious primary suite, additional bedrooms, and flexible bonus space for a media room, office, or guest suite. Located in the highly sought-after Dorchester District II school district, this move-in-ready home truly checks every box. = Cul-de-sac lot = No HOA = Major systems updated = Renovated + move-in ready Schedule your showing today!
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.
