Set on an oversized 11,191 SF corner lot with Camelback views and down the street from multi million dollar homes, this fully renovated 3 bed, 2 bath home was designed for the way people want to live today: open, functional, low maintenance, and inviting. Inside, nearly every surface and system has been updated with over $100,000 invested into the renovation. The layout was thoughtfully reworked to create better flow and functionality, while the finishes lean soft contemporary. Natural light fills the home through new rear windows and a 10 foot accordion door that opens the living space to the backyard, creating an indoor outdoor feel that works just as well for entertaining as it does for a quiet night at home. The kitchen sits at the center of the house with custom cabinetry, Samsung appliances, a farmhouse sink, LED lighting, and an oversized 4x8 island built for gathering. The bathrooms were completely redesigned with two walk in showers, updated tile, new vanities, and modern fixtures throughout. Major upgrades including a new sewer line, 200 amp electrical panel, insulation, flooring, recessed lighting, relocated laundry, and relocated mechanical systems mean the heavy lifting has already been done. Outside, the irrigated yard offers room to grow into, whether that means a pool, outdoor kitchen, garden, or simply extra space to spread out. The grass front and back keep things clean and usable without demanding constant upkeep, making this an ideal lock and leave option for busy professionals or anyone wanting an easier lifestyle. And then there's the location. Just minutes from Arcadia favorites, Old Town Scottsdale, Scottsdale Fashion Square, The Global Ambassador, canal paths, restaurants, coffee shops, nightlife, and everyday conveniences, you're right in the middle of some of the best parts of Phoenix while still tucked into an established neighborhood setting. This is the kind of home that feels comfortable immediately, everything about it simply makes sense.
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.
