LUXURY ESTATE PRICED BELOW APPRAISED VALUE ON 4.13 ACRES! MOTIVATED SELLER! Rare opportunity in Social Circle. This custom 4-sided brick estate offers over 4,000 square feet above grade, an unfinished basement with exterior access, and sits on 4.13 private acres with NO HOA. Inside, you'll find features typically reserved for million-dollar homes, including a dramatic two-story living room, a wide-open floor plan, real hardwood floors throughout the main level, two spacious family rooms, multiple ensuite bedrooms, and an impressive owner's suite complete with a fireplace, sitting area, wet bar, and luxury spa-inspired bath. The unfinished basement offers tremendous potential for additional living space, a recreation area, workshop, future in-law suite, or apartment-style setup. Outside, the property was designed for entertaining with an in-ground pool, pool house, and expansive backyard setting. Priced to reflect needed improvements, including a new HVAC system and repairs to the pool, patio, and pool house due to drainage issues affecting portions of the backyard. For the right buyer, the upside is substantial. The home was recently appraised at $865,000 in its current condition, and with renovations and updates, the potential value could exceed $1,000,000. Tucked away for privacy and surrounded by the peace of country living, yet conveniently located just minutes from I-20 for easy access to Covington, Social Circle, Madison, shopping, dining, and recreation. Seller will consider ALL offers. Bring your vision, bring your contractor, and bring your best offer. Opportunities with this much acreage, square footage, and upside potential rarely come available at this price point.
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.
