Colonial-Farmhouse style Charm on 1.02 Acres — No Town Taxes! Looking for country charm with modern comfort? This circa 1988 Colonial-Farmhouse style home offers 2 bedrooms, 1 bath, and beautiful hardwood floors on the main level. Renovated in 2002 and thoughtfully updated over the years, its move-in ready and full of character. Welcome home to this circa 1988 home where classic simplicity meets thoughtful modern updates. Perfectly situated on 1.02 peaceful acres, this charming 2-bedroom, 1-bath home offers the warmth of country living with the convenience of town amenities nearby. Step inside to discover beautiful hardwood floors throughout the main level, creating a warm and inviting atmosphere. Renovated in 2002 and carefully upgraded through the years, the home blends character with comfort, offering a move-in-ready space while preserving its farmhouse appeal. This owner, since 2020, replaced all 3 garage doors and newer appliances, new toilet. Just in the last few months upgrades include all new siding, new gutters, new shutters, new window wrap, new pillars along with craftsman wood ceiling on the covered porch. This one is ready and waiting for you! The bright, functional layout provides cozy yet comfortable living spaces ideal for everyday life or weekend retreats. Outside, the expansive lot offers plenty of room to garden, entertain, or simply enjoy the open space and fresh air. A standout feature is the large detached three-bay garage — perfect for vehicles, a workshop, hobby space, or additional storage. Located in the desirable Town of Montross community, you’ll enjoy the charm and accessibility of town living without the added town taxes, as the property is located just outside of town limits in Westmoreland County. Whether you’re searching for your first home, a move up, or a peaceful getaway, this wonderful home offers timeless appeal and practical space in a wonderful setting. Peaceful setting, timeless style, and room to grow — this one won't last!
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.
