Lower your monthly payments and move in with ease with a 2-1 temp interest buy-down, reducing your mortgage rate by 2% in the first year and 1% in the second year. This provides significant immediate savings and increased purchasing power, allowing you to settle into your new home with a much lower initial payment. Welcome home to this stunning, turn-key split ranch located at 3097 Brumbaugh Dr NW in the heart of North Canton! Built in 2018, this beautifully maintained property perfectly blends modern design with everyday functionality, offering 3 spacious bedrooms (bonus room in basement with closet) and 2 full bathrooms. The heart of the home features an open-concept layout that flows seamlessly, but the true standout interior feature is the massive, ultra-functional laundry room, which boasts an abundance of cabinet storage and endless counter space to make chores a breeze. Car enthusiasts and hobbyists alike will fall in love with the expansive three-car attached garage. The third stall is a mechanic's or rider's dream—fully heated, insulated, and equipped with a dedicated motorcycle lift, providing the ultimate year-round workspace for your vehicles, tools, and toys. Step outside into your own private oasis situated on a generous, manicured 3/4-acre lot. The outdoor living space is an entertainer’s dream, featuring a large patio that is perfect for summer barbecues, alongside a separate covered back porch complete with a relaxing hot tub to unwind in after a long day. The sprawling backyard offers endless possibilities for outdoor activities, includes a charming garden shed for extra storage, and is already perfectly prepped and ready for a pool to be added. Your peace of mind is built right in, as the property features a full vinyl privacy fence paired with a pre-installed electronic dog fence that encircles the entire acreage, keeping your four-legged family members safe and secure. Don't miss your chance to own this exceptional property! Call today!
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.
