Every once in a while a home crosses your path and changes your perspective forever. This historic Winnetka Heights Craftsman home is just that: an original work of art. Seamlessly marrying the charm of the early 1900s with many modern amenities, all set in the picturesque Oak Cliff borough of Dallas. The front porch, a hallmark of the architectural style, has been featured in national publications and sets the vibe for the interior. Inside you're greeted with much of the original wood floors, still in impeccable condition, and gorgeous custom built-ins framing a newly installed and fully-functioning wood burning fireplace in the spacious living area. As you walk into the dining room, you’ll note a bespoke library ladder that ushers you to a hidden loft, ideal for a reading nook or even additional storage space. The kitchen pays homage to the street on which the home stands, with customized rose tile backsplash and an abundance of storage space. Here is where you’ll also find a secondary bonus room off of the kitchen, perfect for expanding or keeping as a home office area or mud room. Both bedrooms are generous in size with an abundance of natural light from the specialty water-glass windows. The primary suite offers dual closets, along with an en-suite spa inspired bathroom with separate shower and tub. Out back, enjoy the recently built deck with a brand new salt water spa for all your leisure and post-workout needs, along with the expanded and beautifully cared for backyard with raised garden beds and smart water system for full ease of living at its finest! And for the cherry on top? A custom built out chicken coop will remain so you can start living your best Martha Stewart life! Welcome 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.
