This well-maintained 4-unit residential property offers a unique layout with each apartment occupying its own level, providing privacy and versatility for tenants or owner-occupants. Featuring a charming stone exterior and durable hard-surface flooring throughout, this property blends character with functionality. Unit 4 (Attic Level): A cozy one-bedroom apartment with its own kitchen and full bath. and a private entrance accessed by front exterior stairs. Unit 3 (Second Floor): Spacious one-bedroom unit featuring a full kitchen, living room, and full bathroom with a comfortable, practical layout. Unit 2 (Main Level): The largest unit offers two bedrooms, a full bathroom, a bright living room with a fireplace, hardwood floors, and a well-appointed kitchen—perfect for an owner-occupied option or premium rental. Unit 1 (Basement Level): One-bedroom apartment with a bedroom, kitchen, and full bathroom Each unit has a separate electric meter. Each unit has a heat pump for heat/AC. Water is paid by Owner and is not on separate meters. Gas is paid by Owner and is not on separate meters, only for water heating 2 gas water heater tanks shared for building Additional highlights include a shared driveway with the neighboring property, a one-car detached garage located at the rear of the home, and consistent hard-surface flooring throughout all units for easy maintenance. Shared laundry in basement This multi-family property presents a strong opportunity for investors or owner-occupants seeking multiple income streams in a charming, solidly built home. This is tenant occupied and pictures are from when each unit was vacant.
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.
