Own a piece of history with this charming 1700s farmhouse in historic Glenmoore. Rich in 18th-century character yet thoughtfully renovated for modern living, this one-of-a-kind home offers timeless appeal and everyday comfort. Cross the wraparound front porch and step into the open-concept living room, where a wood-burning stove adds warmth and charm. The spacious living area flows into a beautifully updated kitchen and dining space featuring stone countertops, stainless steel appliances, and plenty of room to gather. Just off the kitchen are the mudroom, laundry room, and half bath, along with interior access to the oversized garage. With space for a vehicle, bikes, and extra storage, the garage adds both convenience and functionality, while the attic above provides even more valuable storage space. Upstairs, the spiral staircase leads to three bedrooms and a stylish full bath with double sinks and an oversized spa-like shower. One more level up, a bonus room offers flexible space for an office, playroom, guest area, or studio. Set on 1.6 acres, the outdoor space is just as inviting as the home itself. Enjoy the expansive yard, relax on the rear stone patio with fireplace, or take in the peaceful surroundings from the wraparound porch. This special property offers the perfect blend of historic charm, modern updates, and serene outdoor living. All this and a two zone HVAC system a mechanical interlock so that a portable generator can be hooked up in the event of power outages and a whole house surge protector.
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.
