ABSOLUTELY STUNNING! From the moment you arrive, you’ll be drawn in by the beautiful stone elevation, manicured landscaping, extended driveway and welcoming curb appeal. Inside, the home offers a light, open layout ideal for both everyday living and entertaining. Fresh paint, spacious living area, designer touches and abundant natural light create a warm and inviting atmosphere throughout. The kitchen opens to the main living room showcasing a beautiful stone wood burning fireplace and the kitchen features granite countertops, ample custom cabinetry, stainless steel appliances including a gas cooktop! Perfect for hosting family and friends. The private primary suite is a true retreat with a tray ceiling, custom geometric accent wall and spacious ensuite bath. The primary bathroom has separate vanities, soaker tub, huge shower and walk in closet. All secondary bedrooms are located downstairs along with your home office with a gorgeous barn door and hand scraped hardwood floors. Walk upstairs and get ready because you are AT THE MOVIES! It highlights a huge screen, surround sound, powder bath and walk in attic storage space. The upstairs can be utilized multiple ways including a playroom, man cave, home gym or guest accommodations. Step outside to your private backyard OASIS, complete with a heated sparkling pool and massive 6 by 12 spa, expansive covered patio with an awesome outdoor kitchen, surround sound, TV, storage closet, storage shed, 6 by 8 built-in garden and more! Whether relaxing poolside or hosting gatherings under the covered patio, this outdoor space truly sets the home apart. The roof was replaced in 2022 with upgraded shingles and new exterior paint! This thoughtfully designed home is located in Rockwall in highly desirable Flagstone Estates and just seconds away from I-30, restaurants, shopping, dining and entertainment!
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.
