Some homes are just addresses. This one is a feeling. The moment you turn onto Melinda Court, something shifts. It's quiet in the way that only a cul-de-sac can be the kind of quiet where kids still play outside and neighbors actually know each other's names. And then you see it. That wide covered front porch, the mature trees, the hint of water glimmering just beyond the tree line. You haven't even walked in yet and you already don't want to leave. That feeling doesn't go away inside. Nearly 3,600 square feet of finished living unfolds across three levels, each one with its own personality. The main floor opens with a fireplace living room anchored by an accent wall and warm hardwood floors that carry you into a kitchen built for real life, checkerboard island, stainless appliances, breakfast nook big enough for everyone, and a dining room that handles the holidays without breaking a sweat. Sunday mornings were made for this floor plan. Upstairs is where this home really separates itself. Two full suites, each with a private bathroom, give everyone their own retreat. The primary is a showstopper: an oversized bedroom, a walk-in closet the size of a room, jetted tub, and double vanity. The second suite offers the same privacy, perfect for in-laws, a live-in guest, or a teenager who thinks they own the place. A third full hallway bathroom serves the remaining two bedrooms, each with their own character. This isn't a house where people fight over the bathroom. The finished basement rounds it all out with a sprawling family room, a bonus room that flexes as a fifth bedroom, home office, or gym, whatever your life is calling for right now, plus a full bath and storage that actually solves the problem. Out back, string lights stretch across a fenced yard that opens to the water beyond the tree line. Summer evenings out here don't feel like Southern Illinois. They feel like somewhere you saved up for. Homes like this, dual suites, three finished levels, pond views, quiet cul-de-sac, don't sit on Melinda Court for long. This is your window.
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.
