Welcome home to this beautiful 3BR/2BA home with off-street parking, fully finished basement, rear patio, and much more! This cape cod has undergone many recent upgrades to modernize it while still maintaining its 1950s charm. As you enter the home via the front porch you will notice that the entire exterior has been repainted. The bright and spacious living room includes lovingly maintained original hardwoods accentuated by a brick wood-burning fireplace with mantle. The kitchen has been recently upgraded including all new stainless steel appliances, backsplash, and brand new countertops. There is a convenient full bathroom at this level that has a new vanity and a beautiful black and white tile scheme as well as all new plumbing trim. There is a main level bedroom and a large dining space as well as a coat/storage closet. The upper level includes 2 more large bedrooms each with generously sized closets, and a central, fully renovated bathroom featuring custom bath tile surround and a linen closet. The fully finished, water-proofed basement offers brand new carpet, sump pump, and recessed lighting. This large finished space offers endless opportunities to customize the space, be it game room, family room, home office, gym, or additional bedroom. The basement includes another storage closet, a laundry room with side-by-side washer and dryer and walkout access to the rear patio, and a utility room. The rear of the home provides a wooded oasis and includes a large concrete/brick patio - perfect for enjoying the serene setting. The small storage shed conveys. This home offers central heat and ac, and has been expertly refreshed offering an affordable, move-in ready home. Located less than a mile from 695 and only a couple miles from downtown, your commute or next adventure will be a breeze!
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.
