This West Norman home with 4 bedrooms, a bonus room, a formal dining, and a 3-car garage in Roosevelt Elementary District features a gorgeous kitchen, terrific updates, and an incredible sunset view! Kitchen features include granite countertops and bar, wood floors, stainless steel KitchenAid Superba applicances, a gas stove, a pantry, tons of natural light, and beautiful dark-stained cabinets that extend up to the crown molding at the ceiling. The downstairs features 2 dining areas, the living room, 2 bedrooms, and 2 bathrooms, including the spacious master suite with jetted tub, frameless glass shower enclosure, and cedar-lined cabinet in the closet. Upstairs features 2 more bedrooms, a full bathroom, and a large bonus room on the landing, complete with a balcony which boasts a terrific view of the sunset all the way to the horizon. This single-owner home has been meticulously cared for over the entire life of the home since it was built in 2001, with no animals or smoke in the home, and hardly any shoes worn! Recent updates include new roof, guttering, and exterior paint (2021), new downstairs geothermal unit (2024), new quartzite marble bathroom countertops (2023), and a new copper cupola over the front window. Be sure to ask for the full list of updates and features! Exterior features include a huge driveway, sprinkler system, storm shelter, shed, fantastic landscaping, mature trees, and even a front yard lamp-post. Located in the lovely Cascade Estates, the neighborhood features a pool, basketball courts, and a neighborhood park. Home is situated right in the heart of all the great shopping and dining of West Norman, less than a mile from I-35 and the Norman Regional HealthPlex, not to mention the soon-to-be-built OU Basketball arena, and is just a few miles away from the University of Oklahoma campus. Come see this gem before it is gone!
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.
