Welcome home to this stunning 4-bedroom, 2.5-bathroom residence in Farmington Hills in the highly sought after Lincolnshire Estates. This move in ready colonial style gem has been meticulously maintained & is waiting for you! You’ll be impressed by the perfect blend of open-concept & traditional design, complemented by beautiful wood floors throughout most of the entry level which adds warmth & character. The neutral color palette creates a relaxing & inviting atmosphere throughout. The updated & spacious kitchen is a true highlight, offering plenty of cabinet & countertop space, a center island workspace, & equipped w/Stainless Steel appliances making meal prep & entertaining a breeze & efficient. You’ll love the spacious & bright Breakfast Area w/coffee bar & glass door cabinets. The step-down Family Room has abundant size to accommodate family gatherings & features new recessed lighting, sliding doorwall out to the patio & backyard & a brick gas log Fireplace to keep you cozy. Convenience abounds on the entry level w/a half bath, a front facing Home Office/Study & direct access to the 2+ car attached garage. All four second level bedrooms provide the perfect retreat, with generous space for every member of the family to call their own, highlighted by the spacious Primary Bedroom with Ensuite Full Bath. Also on the second level is the second full bath equipped with a tub/shower combo. Notable updates include the Kitchen, newer vinyl replacement windows & sliding doorwall, interior painting, wood stye floors, recessed lighting, basement finishing & water heater. Step outside with your kids & pet & fall in love with the expansive fenced backyard & patio area, ideal for summer gatherings & outdoor enjoyment. PLUS YOU HAVE DIRECT ACCESS TO WONDERFUL FOUR SEASONS PARK & PLAY AREA OWNED AND MAINTAINED BY YOUR HOA. You’re conveniently located close to freeways, shopping, dining, amenities, & all that fabulous Farmington Hills has to offer, this home is a must-see!
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.
