Experience peaceful country living on 10 beautiful, unrestricted acres! This inviting property offers space, privacy, and the charm of rural life while still being within easy reach of nearby towns. Surrounded by mature shade trees, open skies and natural beauty, it provides the perfect setting for anyone looking to enjoy a quieter lifestyle with room to spread out. Inside, the home features a comfortable and functional layout with welcoming living spaces that are perfect for relaxing or gathering with family and friends. Natural light fills the interior, creating a warm and inviting atmosphere throughout. The kitchen offers ample workspace and storage, making meal preparation simple and convenient. Step outside and take in the wide-open surroundings. With 10 acres and no restrictions, this property provides plenty of room for horses, livestock, gardening, outdoor projects, or simply enjoying the tranquility of country life. Whether you're sipping coffee on the porch in the morning or watching the sunset across the Texas countryside, you'll appreciate the peaceful setting and freedom this property offers. This home is just a short drive to multiple equestrian and hiking trails, The Caddo Grasslands, Lake Bonham, the new Bois d' Arc Lake, the upcoming Ralph Hall Lake, as well as Choctaw Casinos! Its also less than an hour to McKinney and only 30 min to Sherman. For added convenience, the washer, dryer, and refrigerator are included, making the home even more move-in ready. The home also includes the 50' wireless internet tower and the home is on well water! There are 2 wells. If you're looking for space, flexibility, and the freedom of unrestricted country living, this property is ready to welcome you home. Sellers to replace septic before closing
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.
