Welcome to this beautiful ranch home, where a charming stone entrance sets the stage for what lies within. Spanning nearly 2,700 square feet, this residence is designed for comfort providing privacy for guests or multigenerational living. As you step inside you are greeted by a formal dining room, perfect for hosting special gatherings. Just beyond through a private hall are two bedrooms and a full bathroom. The heart of the home is a cozy kitchen with ample cabinet space, appliances, and a breakfast nook overlooking the back deck and patio seamlessly blending indoor and outdoor living. Upon entering the home your breath will catch at the massive living area boasting a fireplace next to large windows allowing plenty of natural lighting to enter! In the Fall nature will put on a show for you in early November as both Maples turn bright red. A large Palladium window will splash you with soothing sunshine as you retreat to the primary bedroom suite, which offers privacy and an ensuite bathroom complete with a dual sink counter and a large walk in closet. Moving towards the downstairs is a laundry room, large closet, and sitting shoe tree. The finished downstairs offers a fourth bedroom, with a full bathroom, large closet, and a spacious family room with bar area, ideal for a second living area or play space. Included with this home is a Brunswick pool table for entertaining friends and family. As if that’s not enough the unfinished half of the downstairs has plenty of room for storage. Completing this home offering is a large two car garage, rear storage shed, privacy fencing, a new HVAC system (2024) with Reme HALO Ionizer whole house air purifier, new water heater with expansion tank (2023), new Pella Patio door(2023). The large snowblower and lawn tractor are negotiable.
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.
