Better than new and thoughtfully upgraded, this stunning 5-bedroom home in sought-after Childers Park offers a rare combination of space, style, and move-in-ready convenience. True five-bedroom homes are hard to find, creating flexibility for larger households, guests, home offices, hobbies, or multigenerational living. Built in 2023 and enhanced far beyond builder grade, this two-story home immediately impresses with ornate custom trim details in the foyer, beautiful stone accents, and carefully selected custom improvements throughout. The open and functional floor plan is designed for both entertaining and everyday life. The kitchen is complemented by a beautifully customized pantry with exceptional storage and organization, while the spacious primary suite features a custom-designed walk-in closet that blends luxury with everyday practicality. Even the laundry room has been transformed into a gorgeous, thoughtfully designed space that elevates daily living. The garage has been enhanced with added storage solutions, maximizing organization and functionality. Outside, enjoy one of the home’s standout features—an extended rear patio complete with a pergola, creating an inviting outdoor living space perfect for relaxing evenings, entertaining guests, grilling out, or morning coffee. Why wait on new construction when this home already includes the upgrades buyers want most? Offering the benefits of newer construction without the added expense, hassle, or time of completing post-closing projects, this exceptional home stands apart. Conveniently located near shopping, dining, schools, and commuter routes, 3920 Backwater Street delivers the ideal blend of space, upgrades, and everyday livability in one of Concord’s growing communities. Homes with this combination of bedroom count, thoughtful upgrades, and move-in-ready appeal rarely become available. SHOWINGS begin Friday, June 26th.
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.
