Assumable VA Loan with great rate. Step into Serenity: A Spacious Ellenwood Gem Awaits Discover the perfect blend of comfort and quality in this expansive 6-bedroom, 4-bathroom home, ideally situated in one of Ellenwood's most charming and sought-after neighborhoods. Thoughtful Design for Modern Living: The main level offers effortless convenience with an easily accessible bedroom and attached bathroom - perfect for guests, an in-law suite, or a private home office. The open and airy layout flows seamlessly, providing exceptional flexibility for households of any size. Upstairs, you'll find five additional generously sized bedrooms, including a spacious master suite designed as a true relaxing retreat. Two bedrooms share a convenient Jack-and-Jill bathroom, while the remaining two offer versatile space for a guest room, fitness studio, creative sanctuary, or whatever your lifestyle demands. Quality Craftsmanship & Peace of Mind: Built with lasting quality in mind, this home boasts nearly 3,200 square feet of refined living space. Engineered wood flooring throughout sets a tone of timeless elegance, complemented by a practically new roof and an updated hot water system for modern efficiency and reliability. For your peace of mind, the home is equipped with an alarm system, smoke detectors, and carbon monoxide detectors, along with ample storage including the two-car garage. Unbeatable Location & Lifestyle: Beyond its welcoming walls, this home offers unparalleled convenience. Top-rated schools like Martin Luther King Jr. High and Salem Middle School are just minutes away, alongside local parks perfect for outdoor recreation. Everyday errands are a breeze with nearby grocery stores, and public transit at the Linecrest and River Road stop ensures a smooth commute. With police and fire services less than a mile away, you can truly rest easy. Your Dream Home Awaits: Whether you envision peaceful mornings with coffee on the deck or tranquil weekends enjoying this quiet, friendly neighborhood, this home effortlessly checks all the boxes for thoughtful living and enduring value. This is a must-see property that won't last long - schedule your tour today!
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.
