*Showings start Monday, May 10th* Walk into a magazine shoot! This home exudes charm and style from the moment you step into the light, bright foyer. Located in the beautiful neighborhood of Faircloud ,this immaculate, move-in ready home blends storybook charm with modern efficiency and thoughtful upgrades throughout. The home features large picture windows, plenty of natural light, rich wood look floors, vaulted ceilings , bright open rooms and a natural gas fireplace. The open-concept great room flows seamlessly into a beautifully appointed kitchen complete with a gas cooktop, built-in microwave and oven and a beautiful eat-in area looking out to a lush backyard. There is plenty of storage, a lovely coffee/wine bar with fridge and a generous sized pantry. The spacious owner’s suite offers dual vanities, a walk-in closet, Jacuzzi tub, a large, newly tiled shower and access to the backyard. Secondary Bedrooms have high ceilings, new carpet and nice sized closets. Step outdoors to a private, backyard oasis with covered pergola and TV, porch swing and an adorable A-Frame cabana. One of the most private lots in Faircloud, backing up to an easement and horse property. There is no-one behind you but nature. Lush landscaping creates exceptional curb appeal, including a stone retaining wall, maple trees, rolling green lawn, an irrigation system, french drains, and a cute front seating area to take in the views. Additional highlights include a 3-car garage , storm shelter, completely decked attic, newly painted exterior trim, storm shelter and an ADT Google security system. Located on a cul-de-sac and just steps away from the neighborhood greenbelt, walking trails, playground and ponds plus exceptional access to shopping and highways makes this home a true 10+ in location, design, and condition.
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.
