Originally built by G.A. Nichols, this two-story Craftsman with a brick-piered front porch with painted exposed rafter ceiling and side patio with stained pergola that sits on 0.34 tree-shaded acres in Linwood Place. The front room is full of original detail: a dark-stained box-beam ceiling, a floor-to-ceiling double-arch stone fireplace whose mantel and corbels you'll have to touch to believe aren't carved wood, and multi-tier display niches flanking the firebox, with solid oak plank floors underneath it all that extend through the main public spaces. Classic Craftsman columns rise from dark pony walls at the entrance to the formal dining room, with a matching box-beam coffered ceiling and half-timber wainscoting. The galley kitchen pairs ceiling-height white Shaker cabinetry with dark granite and a built-in beverage center, opening to a breakfast room of white shiplap and divided-light windows on two walls. A second living area was added later and detailed in deliberate harmony with the front: matching box-beam ceiling, dark casings, and a wall of built-in bookcases wrapping a window seat. The front oak staircase and a back staircase from the kitchen meet on a landing before continuing up together. The master bedroom has crown molding, vintage mock fireplace, brand new windows, and closets in all four corners. The upstairs bath was recently updated with a double vanity, gold fixtures and mirrors, and a shower with large-format subway tile. A stacked laundry was added upstairs with additional hookups available in the basement. A large deck overlooks the lush back yard with a wood fence and garden beds around the perimeter. This home also has an unfinished basement with extra washer/dryer hookups and a walk-in storm shelter, a detached two-car garage with attached one-car carport, and a 495 sq ft studio (not included in sqft), sold as-is. Just steps from the Plaza District, Will Rogers Park, and the Will Rogers Trail.
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.
