This incredible home located on a corner lot in Bowleys Quarters offers many upgrades and amenities. The main level living area with hardwood flooring allows entry to the upper level or lower. This spacious and airy gathering area has a vaulted ceiling with 2nd story dormer windows. TV wall mount, sound bar and built in coat rack/bench with accent wall all stay! The upper level offers an all-new kitchen that was just done 4 years ago. The kitchen has two skylights, beautiful white cabinets- many with in-cabinet lighting, tile backsplash, granite counters, stainless steel appliances and large island. The dining area off the kitchen overlooks the living room and also gives access to the rear deck. There are three bedrooms on the upper level. The primary bedroom has a walk-in closet and double closet offering plenty of storage. Each bedroom has a ceiling fan and the primary and third bedroom each have accent walls. The private primary bathroom was renovated 3 years ago and just had a brand-new tile floor installed. Upgraded lighted mirror, tile accent wall, skylight and tile tub surround are a few amenities to list for this bathroom. The lower level has a newer tile floor in the family room and built in shelving on both sides of the beautiful stone fireplace. There are sliders to the rear patio. The private 4th bedroom with closet has a newer laminate flooring and closet. Laundry room was updated 2 years ago and water heater 3 yrs. The rear deck has Trex decking and stairs leading down into the fully fenced rear yard with shed. The vinyl privacy fence is 6 yrs old. Other exterior features include a wired camera system with recorder, sprinkler system for front lawn, and new insulated garage doors with smart garage door openers (2 yrs). Newer paint, nearly all ceiling fans have been replaced, Nest thermostat. The attic has some plywood flooring and shelving. This is a must see!
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.
