Step Back in Time with This Historic Queen Anne Victorian on Nearly an Acre in Howe, Texas. This one-of-a-kind gem, built in the early 1900s for Dr. J.O. Matthews and later owned by Dr. Joseph Lafayette Shelley, beautifully blends timeless character with modern comforts. Nestled on a spacious lot just off of Hwy 5—now Denny Street—this charming home offers peaceful country living with city conveniences just 20 minutes from both McKinney and Sherman. The inviting wraparound front porch is the perfect spot to enjoy a sunrise coffee or take in the sunset views. Inside, you'll find hardwood flooring that flows through the living room and formal dining room, each with its own mock fireplace, adding to the charm of the room. The main level offers a primary bedroom with bath, as well as a secondary bedroom and an additional full bath. From the foyer, a staircase leads to an expansive upstairs retreat—currently configured as a large bonus room, two additional bedrooms, and full bath. The current owner previously partitioned the space to create two bedrooms upstairs. Recent upgrades by previous owners include updated electrical, plumbing, and central HVAC, while the current owner has lovingly maintained the historic details throughout. The property features a 62' x 17' metal workshop and a 26' x 18' detached garage—perfect for hobbyists, storage, or additional workspace. Don't miss this opportunity to own a piece of Howe history and enjoy a lifestyle that’s truly special.
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.
