Welcome to this beautifully updated 3-bedroom, 1.5-bath home, ideally located in walking distance from the serene Iona Lake. Offering a perfect balance of comfort, charm, and modern convenience, this move-in ready home features a bonus room and a private, fenced-in yard complete with a heart shaped small pond—perfect for relaxing or enjoying nature. Step inside and be greeted by fresh, new flooring throughout, a cozy wood-burning stove, and a kitchen that blends style with functionality. The main floor boasts two spacious bedrooms and a fully renovated primary bathroom with all-new fixtures, including a sleek vanity, toilet, and sink. Upstairs, you’ll find an additional bedroom, bonus room, and a refreshed half bath, featuring contemporary updates for added convenience. Outdoor living is a dream with the newer refurbished deck, featuring updated wood and rails—ideal for entertaining or enjoying a quiet morning with a coffee in hand. Additional upgrades include new interior doors, ceiling fans, and a new water heater, ensuring long-term peace of mind. For those who appreciate flexibility, the home is equipped with a wood-burning stove, electric baseboard heat, and oil-forced air, but with a gas line already run to the rear of the house, converting to natural gas is an option. For RV or generator owners, a 30-amp connection is already in place, making it easy to hook up whenever you need it. Situated on a quiet dead-end street, this home is within walking distance to Iona Lake’s beach, offering both the tranquility of lakeside living and the convenience of nearby shopping, dining, and major highways. This is a rare find—don’t miss out on this charming home, perfectly updated and ready for you to move in! Sellers are offering a 1 year Home Warranty to Buyers for peace of mind!!!!
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.
