Welcome to a thoughtfully designed home in central Norman that offers space, comfort, and practical upgrades from the moment you arrive. This four bedroom, two and a half bathroom property includes a solar system that lowers monthly utilities and provides backup power during outages. The balance remaining will be fully paid off at closing, giving you long term savings without added expense. The exterior features charming bay windows and a two car garage that opens into a generous interior layout. Wood look flooring carries through the main level, creating a clean and cohesive feel. Just inside the entry, a quiet study provides a flexible space for work, projects, or a private retreat away from the main living areas. The living room centers around a fireplace with built in cabinetry and large windows that brighten the space throughout the day. A second living area sits nearby and can serve as an additional lounge, media room, or creative space depending on your needs. The kitchen sits in the heart of the home with warm wood cabinetry, a white farmhouse style sink, ample counter space, and a window overlooking the backyard. The connected dining area keeps meals and gatherings comfortable and convenient. All four bedrooms are located upstairs to maintain separation between shared spaces and private areas. Each room offers comfortable dimensions and closet storage, while the primary suite includes a private bathroom with a newly tiled modern shower. A second full bathroom sits off the hallway for easy access. The fully fenced backyard allows for outdoor living in a space that can be enjoyed in many ways, whether you prefer tending a garden, relaxing outside, or creating your own setup. A covered patio offers a shaded place to unwind, and the dedicated laundry area and two car garage add daily ease. With multiple living areas, energy efficient upgrades, and quick access to major routes through Norman!
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.
