Stunning 4 bed, 4 bath Lancaster home in the highly desirable Equestrian Estates Community. With 4,507sq ft of living space, leased solar and just under half an acre of land, this exceptional property offers outstanding curb appeal w/lush landscaping, mature trees, 4-car garage, large driveway & covered RV parking. Inside, soak in the unassuming opulence that carries through the entire property. To your left, an elegant sitting area with the first of 4 fireplaces & recessed lighting seen throughout the home. To the right, the first of 4 beds complete w/walk-in closet & ensuite bath. Next, a space for an office or home gym. Moving deeper into the home, is the dining room w/access not only to the butlers pantry, but to a truly unique courtyard that comprises the center of the home for effortless indoor/outdoor living. The courtyard is adorned w/stamped concrete, fireplace & gorgeous lattice roof, making it a space for every season. Heading down the sprawling passage to the kitchen, an entertainer's paradise, w/granite counters, huge island w/seating, ample cabinetry, massive walk-in pantry & open floorplan to the family room, dining nook & entry to the courtyard. The main level also includes a half bath, laundry room, two additional bedrooms and a shared bath. The primary suite is a true retreat with its own fireplace, spa-style bathroom featuring a soaking tub, dual sinks, a vanity & large custom walk-in closet. Upstairs, a loft space perfect for a media room, with an enclosed balcony overlooking the outdoor oasis. With lush landscaping, covered patio, pool & spa (less than 5 years old), fire pit & a gazebo that is home to a dining & sitting area in front of the 4th fireplace. In addition, you will appreciate the peace of mind of an updated electrical box and longevity of newer flooring. Words alone can’t convey the beauty, amenities & uniquity of this home. Every part of this property has the mark of precision & thoughtfulness that make it a home to be admired.
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.
