Welcome Home to this Beautiful Well Maintained Cape Cod w/a (2.75 ASSUMABLE LOAN). As you enter the door you will feel the comfort and relaxation of the cozy den with wood burning fireplace. This house has been freshly painted throughout with double paned windows, a master bedroom and on suite on one end with full bath and a 2nd bedroom or bonus room on the opposite side of the home. Large upstairs 3rd bedroom or entertainment area. And for that creative Chef in the family your love the updated kitchen with glass back splash, granite countertops and gas stove! Off of the kitchen is a laundry room with stackable washer and dryer leading out to the newly renovated deck w/overhang & half enclosed porch for the pets and privacy. Walk down to the patio area as you entertain friends and family with the oversized 6ft. wooded fence surrounding the backyard w/firepit and 10K Shed w/power. The backyard has a water system that extends to the rear of the yard for gardening and a generator hookup near the rear of the home for easy access. New roof 2020, newly finished crawlspace with French drains and life time yearly warranty, newly electric water heater. All appliances convey! Direct across from the playground and picnic area and walking distance to RAR racetrack! As there are no known defects the house is sold "AS IS". DON'T MISS THIS GEM IT WON"T LAST LONG!
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.
