Be prepared to be charmed! This beautiful, Century Home in Cleveland Heights is the perfect place to call home. It is filled with historic charm as well as modern-day amenities. The home was built in 1850 and was the original farmhouse for the Glen Allen Estate. The pride in ownership is felt upon driving up the picturesque driveway into the beautifully landscaped backyard. The wall on the back boundary of the property was originally constructed in the 1800's and the masonry is beyond exquisite. Upon entering the home, you are positively struck by the charm of the century home. Many of the rooms have the original hardwood flooring which has been maintained and preserved. The high ceilings are elegant, and the rooms are large and inviting. There are plenty of built-ins, which modern homes do not possess, and the elegance of the home is felt as you travel from room to room. The sunroom has been equipped with a Sauna as well as a hot tub to allow for relaxation at the end of a busy day. The beauty of the large lot is something to experience. It is not uncommon to see foxes, deer, birds as you commune with nature. The arborvatae on the east of the property is like bird hotel. You will feel like you are in your own private park. The bathrooms have been updated as well as the large kitchen. The kitchen is elegant and efficiently updated with beautiful wood cabinets, granite countertops and stainless steel appliances. There is a butler's pantry attached to the kitchen which enhances your entertaining experience. There have been many updates to this home which allow for all modern conveniences and comforts; newer roof,(2022) windows, (2024) furnace (2022) . The home has been equipped with a full house generator to alleviate all worry and concerns. This fabulous place is waiting for you. Walking distance to post office and shops, and two minute drive to Metro Health facility. Don't miss out. It will not disappoint.
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.
