Opportunities like this don’t come around often, especially with this kind of square footage and layout. This 3,127 sq ft home offers 4 bedrooms and 4 bathrooms, including a convenient downstairs bedroom, and a flexible upstairs layout that’s ready to be finished out and brought to its full potential. The space and layout are here, and the upside is undeniable. The main level already delivers where it counts. You’ve got beautiful 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 the right vision to bring it back to life. Upstairs is where the opportunity really shows itself. Flooring, paint, and finishing touches will transform the space, including completing the unfinished bathroom and maximizing the additional living area. The primary suite features two walk in closets and a layout that can easily be elevated with the right updates. The upstairs loft has been enclosed without permits to create an additional room and can be reimagined back into an open loft with a bathroom nearby. Interior paint, flooring, and fixture updates will go a long way in bringing this home to its full potential. 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. Major value add features include solar with two Tesla backup batteries that will be paid off at the 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. With its size, layout, and overall potential, this property offers a lot of opportunity for the next owner. Property is being sold as is. With its size, layout, and overall potential, this is an opportunity buyers will recognize quickly. Buyer to verify all aspects of the property including condition and features.
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.
