ENJOY THE PRIVACY WITH NO BACKYARD NEIGHBORS on almost a third of an acre lot in Hillview Estates! This large tree-lined backyard is accented with honeysuckle bushes and perennials. You will love entertaining in this remodeled home and backyard with a Gazebo, two decks, patio, and stone firepit! Upgrade the area with a hot tub or swimming pool off the upper deck for the ultimate summertime fun! NOTE: OWNER-REALTOR IS OFFERING $10,000 CLOSING COST CREDIT to help buydown the rate! There is a raised garden and large shed for all your gardening needs. This four bedroom home has been remodeled over the years with a modern kitchen with recessed lighting, porcelain tile flooring, designed with a Microwave, Beverage Center, Appliance Center/Buffet with lighting, Stainless Steel Appliances, Double Oven, Bosch Dishwasher, Breakfast Bar with seating area for 6. The Cooktop Island allows the cook to move about the kitchen easily. The Master has a sliding glass door for full view of the yard! All 2nd Floor bedrooms are enhanced with beautiful Cherrywood flooring. The Family Room has Isocore Vinyl Plank Flooring and room to add a Kitchenette or another closet. The 4th bedroom has new carpeting and a closet under the stairs. This desired layout has garage entry into the home through the Laundry Room and then into the kitchen and not through the lower level of the home as some split level homes are designed. Additional updates over past six years: A/C, Hot Water Heater, Windows, Bathroom Vanities, Flooring. You may know this cul-de-sac subdivision for it's glowing Christmas light displays. ***Lockport High School ***NOTE: Owner is Licensed Realtor and has a HWA Home Warranty on this home and is offering $10,000 Closing Cost Credit to help buydown the rate, and there are great Downpay Assistance Programs available for convention loans too!
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.
