Your opportunity awaits to own an expansive, private retreat with an entertainer's dream backyard you'll never want to leave! Tucked away on a flag lot, you'll love the approach to the home with mature trees, a charming front courtyard with a stone-paver seating area, PLUS plenty of parking space for your vehicles, toys, and RV or motorhome! Inside, the home opens to a bright formal living room designed for easy gathering. The formal dining room features a stylish tray ceiling, striking chandelier, and a warm wood-plank accent wall. The kitchen offers plenty of space with warm wood cabinetry, a built-in range, granite island, backyard views, and an easy flow to the family room. Cozy up around the family room fireplace with custom built-ins, and sliding glass doors to the patio. A main-floor bedroom and full bath add flexibility for multigenerational living, guests, or a dedicated home office, plus a convenient indoor laundry room. Upstairs, the expansive primary suite offers high ceilings, a walk-in closet and a relaxing ensuite with dual vanities, soaking tub, and separate shower. Two additional bedrooms plus a full bathroom provide plenty of space, and a large loft with fireplace provides even more versatility. The backyard is made for hosting and making memories with an expansive covered patio, a raised brick planter centerpiece, multiple seating areas, and surrounded by greenery. You'll love the sparking pool and spa with hillside views, conversation fire pit, space for patio seating, and access to a built-in brick BBQ area with low maintenance turf. Perfect for outdoor dining, play, and weekend lounging. With space, privacy, and endless possibilities, this is the kind of home that feels like a lifestyle!
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.
