This impressive 2020 Bloomfield home at 404 Moss Cove, Crossroads, Texas sits elevated on a hill and still feels like new. Tucked into its own small loop, it offers a sense of privacy while still feeling connected to the neighborhood and delivers the best of suburban living. The backyard is spacious and ideal for relaxing or entertaining, featuring a large covered patio and a freshly painted fence that adds to the home’s polished feel. Inside, the open concept kitchen features beautiful custom details including an accented vent hood and decorative corbels on the island. The layout is especially well designed, with the sink positioned to overlook the dining area, living room, fireplace, and backyard views, making it easy to stay connected while cooking or hosting. Evenings here feel calm, comfortable, and inviting. The primary suite is generously sized and welcoming, with a well planned walk in closet and a cozy ensuite bath. Three additional bedrooms include built in shelving and offer flexible space for guests or family. A generously sized office provides excellent work from home possibilities or a quiet space for studying or hobbies. The community HOA maintains two neighborhood pools, common areas, and two parks, and also features a scenic walkway around an inland lake, perfect for walking and outdoor enjoyment. Conveniently located with easy access to downtown Denton and downtown Frisco, this home is also just minutes from Little Elm Beach, offering plenty of options for dining, entertainment, and family fun.
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.
