Welcome to 2446 Lanning Dr in the Kearsley School District! This nice all-brick ranch is looking for a new owner. Enter the home through its cozy foyer, with a closet for all your outerwear. As you step into the spacious living room, you'll notice the hand-crafted coved ceiling. Adjacent to the living room is an open dining area for your more formal dinners. Down the hallway, there are 3 bedrooms, all of good size. The living room, dining area, and all the bedrooms have new, vinyl plank flooring for years of service. The kitchen has that 50's retro feel, and is large enough for a breakfast table & chairs, for those quick bites to eat. All the kitchen appliances are included with the home, which are: refrigerator, electric glass-top range, and over-the-stove microwave. There is no waiting to go potty in this home...there are two bathrooms; one on the main level -and- one in the basement. The full basement is just waiting for someone to finish it off into a Rec. Room or Man-cave, and the bathroom is already done. Laundry is located in the basement, and the washer, dryer, and laundry tub are included. Connecting the home to the garage is a breezeway (or mud room). This little room connects the garage to the house, to keep you out of bad weather, and gives access to the front and backyard. The wonderful backyard feels private with its mature trees & bushes, and also comes with a shed. The only thing it is missing is a fire-pit, a cooler of refreshments, and your family & friends. The Seller has replaced the roof, painted rooms, cleaned the air ducts, installed a programmable thermostat, new flooring, a few updates to the bath and kitchen, installed new lighting & ceiling fans, and some fixtures. To top it all off, the home comes with a One-Year Home Warranty. Taxes are NOT currently homesteaded. FHA and VA Loan programs are welcome. This home needs a new family to love...maybe it's your family? Make an appointment today to see if you are the right fit for this home.
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.
