Opportunities like this do not come around often, especially with this kind of square footage, layout, and upside. This 3,127 sq ft home offers 4 bedrooms and 4 bathrooms, including a convenient downstairs bedroom and a flexible upstairs layout ready to be finished and brought to its full potential. The space is there, the bones are there, and with the right updates, a little rehab can go a long way. The main level already delivers where it counts. You have wood look tile flooring, a spacious open concept kitchen and family room, granite countertops, a large island, butler’s pantry, and plenty of storage. The layout flows well and feels like a home that just needs vision and finishing touches to bring it back to life. Upstairs is where the opportunity really shines. Flooring, paint, and fixture updates could make a big impact, including completion of the unfinished bathroom and maximizing the additional living space. The primary suite features two walk in closets and a layout that can easily be elevated with the right improvements. The upstairs loft has been enclosed without permits to create an additional room and may offer the option to be reimagined back into an open loft with a bathroom nearby. The backyard is a blank canvas with a covered patio already in place, giving you a head start on creating an outdoor space buyers will love. With its size, layout, and standout features, this home has the potential to become one of the stars of the neighborhood. Major value added features include solar with two Tesla backup batteries that will be paid off at close of escrow, no HOA, indoor laundry, recessed lighting, large secondary bedrooms, and a 3 car garage. Located near schools and parks, this home is well situated for everyday convenience. Property is being sold as is. Rehab financing, including possible FHA 203(k), cash, or hard money will be considered, buyer to verify with lender.
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.
