*BIG CORNER LOT* UPDATED KITCHEN*YOU MIGHT BE ABLE TO ASSUME A LOW INTEREST VA LOAN* Enjoy relaxing on your front porch and watching the world go by. Enter the front door and you'll appreciate the nice open floor plan. The living room is a great size and features 2 solar tubes for good light. Pretty, updated kitchen features an island with a gas range, modern hood and seating. Counter tops and backsplash are stone and updated appliances are stainless steel. There is also a pantry. The cute dining room is at one end of the kitchen. As you go through the dining room, you'll come to the Florida room. It is a wonderful, light-filled space with windows on 3 sides to enjoy green space. From the Florida room, you enter the birdcage-screened porch area. What a great space for grilling, reading etc. All floors in the central part of the home are tile. Bedrooms are laminate. No carpet here! On one side of the home you have a bedroom with bath just across the hall. Bath has tub/shower combo and tall commode. On the other side of the home is the primary bedroom suite. You'll love the large walk-in closet. The vanity area and shower/commode area are separate, so it's convenient for 2 to use at a time. Pegboard lines the walls of the over-sized garage. Roof is 4 years old. The panel box and water heater have been replaced. All of this in the wonderful, friendly, 55+, gated community of Highland Lakes. The community is financially sound and has a low monthly fee. There is a beautiful clubhouse with a library, billiard room, craft room, card rooms, fitness room and a large arena with a walking track. Many events, dinners, concerts etc. are held in the arena. You can enjoy indoor swimming, pickleball and tennis, as well as outdoors. Other sports available are horseshoes, shuffleboard, bocce, softball. There is a great craftsman shop and free boat and RV storage. Location is convenient to shopping, banks, groceries and major highways and attractions.
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.
