Welcome to 360 Buchannan Dr, a standout home built by Richmond American Homes, the builder that raised the bar for the Davenport area. While many builders were still selling 10–20-year-old floorplans and rushing homes in 3–4 months, Richmond introduced brand-new floorplans, modern designs, 10-foot ceilings, 8-foot doors, and a more thoughtful seven-month build process. They also led the way in energy efficiency, with homes scoring around 68 on the HERS index when most others were near 100. That means lower electric bills, less strain on HVAC equipment, and a healthier indoor environment—thanks to better double-pane windows and doors, oversized center-open sliders, and R-38 attic insulation. The seller is the original owner, and this home was personally designed from the ground up. They selected the floorplan, added optional windows, and structural upgrades, and chose every finish at a full design studio—floors, cabinets, cabinet configuration, quartz counters, undermount sinks, barn door, wood grain ceramic tile, lighting fixtures, recessed cans, kitchen pendent lights, appliances, and all the small details that make the home feel cohesive and intentional. This level of personalized is no longer available from any builder in this area. Dont miss the tech center office space by rear sliding door. Since moving in, they’ve continued to improve the home with a whole-home water softener, gutters, a vinyl privacy fence, smart-home features, landscaping and a connection for an EV charger in the garage. A major bonus: the solar panels will be fully paid off at closing, giving the new owner locked-in energy savings of over $150 A month. Over time, that’s essentially like getting$20,000 off the price of the home, making this property an exceptional value.
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.
