Welcome to this charming cape cod featuring 3BR/1BA (with an additional flush in the basement). Enter this home via the covered front porch to find a warm and inviting living room with original hardwood flooring accentuated by a classic brick fireplace. The living room leads to the updated dining room and kitchen offering a unique blend of craftsman and vintage styles with stainless steel gas range and fridge. From the kitchen, there is a walkout to the huge screened porch - perfect for enjoying those longed-for spring days without the bother of the bugs. The main level also provides 2 spacious bedrooms, each with ceiling fan and ample closet space, and a full bathroom with a tub/shower combination. The freshly painted upper level offers the third cozy bedroom, tons of storage space, and a nook that would be perfect for a desk or a play area. The unfinished basement has endless potential - at over 1000 sf it could easily be finished to nearly double the living space of the home. There is plenty of storage, a washer/dryer, and a functioning toilet. Additionally, there is a utility area containing the furnace and water heater as well as a classic workbench that will convey with the home. A unique and highly-sought after feature of this home is the spacious detached workshop complete with electric and lighting. Tinker, store, and build to your heart's delight! The home is ideally located in Parkville with easy access to both the City and major commuter routes - come have a look before it's gone! **Interior photos will be available 2/13 or sooner**
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.
