Recent Price Improvement! Welcome to Shaw Creek Ranch, where your next home awaits! Perfectly situated for both neighborhood charm and incredible convenience, this home is just a 4-minute drive from the heart of Downtown Ferris and only 5 minutes from IH-45, which gets you to Downtown Dallas in about 30 minutes! Discover the perfect blend of style and comfort in this stunning two-story residence! Step inside to an expansive open-concept layout, where natural light pours across the spacious living areas. The gourmet kitchen is a chef's dream, featuring gleaming granite countertops, designer wood cabinetry with crown molding, and a full suite of energy-efficient appliances. What will your first home-cooked dish be?! This beautiful home offers three generous bedrooms and two-and-a-half baths. Modern conveniences are at your fingertips with a Wi-Fi-enabled garage door opener, a programmable thermostat for ultimate comfort and efficiency, and recent rewiring of data cables for even more precise internet connection! The exterior boasts timeless brick construction, a professionally landscaped front yard, and a private, fully fenced backyard. Bonus! This property includes an incredible backyard shed for all your storage needs. The seller is highly motivated and includes outdoor iron patio furniture, smoker grill, washer, dryer, & refrigerator with the home! On top of that, ask how you can get a $1,000 lender credit! Don't miss the opportunity to make this exceptional house yours! Your home awaits in the beautiful city of Ferris! Schedule your tour today! All information herein is deemed reliable but not guaranteed. Buyer and buyer's agent are responsible for verifying all information. The listing agent and brokerage assume no responsibility for inaccuracies.
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.
