**Seller willing to contribute to buyer's closing costs** Thank you for considering our home. We have lived here since the home’s completion by the builder, and it has exceeded our every need. As you enter our home you’ll notice we converted the home office into a gym to meet our personal fitness goals and this space has been a space to not only challenge ourselves, but to recharge. As you continue down the hall, you come to the formal dining room. While not used every day, this space has been perfect for entertaining large groups of family and friends, sharing meals and enjoying game nights. Opening into the kitchen, you will notice the spacious, open floor plan. This space has been the heart of our home. We have prepared countless meals while entertaining friends and family without ever feeling locked in the kitchen. The wood shelving in the pantry, and especially the large spice rack, really adds to the feeling of a true chef’s kitchen. Having a separate coffee bar also allows for added functionality within the space. Next is the mother-in-law space. My mother has lived with us for a few years now and this space has allowed a sense of independence for her while allowing for us to care for her needs. I could see this space being used as a playroom, guest space, or home office. Upstairs, the bonus space has been exceptional for our family. We have used this space for everything from epic Mario Cart battles, to homeschooling and movie nights with popcorn and friends. The master suite has been a haven for my wife and I where we can relax, enjoy a cup of coffee in the sitting area, as we prepare for the day or catch up at the end of one. Having three additional bedroom spaces upstairs has allowed for us to have plenty of space for guests and a craft room for my wife, while never having to sacrifice our son’s privacy. The last thing I will leave you with, aside from my thanks for your consideration is the rear of the property. We selected this lot as it does not have any neighbors behind you, giving you the sense of largess with views of trees gently swaying in the background. The sun sets across the backyard and as the evening cools, we have enjoyed many times listening to great music in the back yard around a fire. Many thanks, and my hope is that your family will have many wonderful memories together in this home.
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.
