Stone gas fireplace in the great room. Split floorplan and open kitchen. Low maintenance, nicely landscaped yards. Stepping out of your car you'll notice this well-maintained home with easy car landscaping. Walking up to the home, you'll pass through a gate into a front patio area perfect for your early morning coffee or afternoon iced tea or cocktail. Ounce you walk through the front into the spacious foyer you notice the open floor place with laminate flooring and exquisite stone fireplace that invites you to come over and sit in the comfortable chairs for a minute or two soaking in the atmosphere of the great room. After relaxing in the recliners, you notice the alcove entertainment area to your right with big screen TV and sound system waiting for the evening movie with popcorn and beverages. Looking around you see the dining area and open kitchen with loads of cabinets and stainless-steel appliances, perched in the middle is a large island for meal prep for those family and friend gatherings. When you finish soaking it all in you remember, oh, there's the Main bedroom with ensuite, ounce you enter there's a stone accent wall and lots of space for a king-size bed. The ensuite features a walk-in shower, waist high counters with dual sinks, roomy walking closet, and that's not all! Off the main bedroom there is also a screened in AZ room to enjoy the great Rim Country weather with access to a covered patio, the back yard is adjacent to a green belt for more privacy. The secondary bedrooms are spacious; one is currently set up as office with vinyl planking for easy cleaning.
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.
