Just hit the market and has SO much potential! Come live, work and play near the ongoing activities and revitalization throughout Cleveland County to include the nearby Two Kings Casino development! This 2/1 ranch home is just beaming with possibilities!! It has a third bedroom that just needs the doors added to make it official~ over 1300 square feet of living space with the real deal hardwood floors, wood burning fireplace in the living room plus a Brand New HVAC system in 2025! This property would be ideal and budget friendly for those not wanting to rent anymore or for investors and/or flippers alike. Did I say SO much potential? City water and sewer with Shelby, lovely covered front porch for relaxing and taking a tea break, wheelchair ramp/ home is partially handicap accessible, a small, but wired storage shed out back to convey AS IS. This Home provides easy access to all that Shelby has to offer ~ Great Location within a mile or so from Hwy 74 and a few minutes to Uptown Shelby where you can visit the Farmer's Market, cafe's, shopping, restaurants, etc. But all the while still offering a quaint neighborhood feel. New construction is just about 4-5 houses down from this one priced at $289K! All this Home needs is You and Your Decorative Vision. Come see it today! (Final Belongings in the Home will be removed prior to closing. Refrigerator does not stay but the washer and dryer does.)
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.
