Honey, stop the car. Come and experience this affordable 3 bedroom, 2 living area home on 1 full acre with vacation like pool area. Inside you will be greeted by an ample living area with a cozy fireplace. Next to it is an added bonus room perfect for an entertaining game room, or an arts and crafts area or a kid's playroom. Use your imagine in this dream home. It's a blank slate for you to design around your family's lifestyle. Large windows overlook the pool from the 2 living areas, filling the rooms with natural light and bringing the outdoors in. Just off the front entry foyer is a spacious office or 4th bedroom that has convenient access to the kitchen and a 3rd bathroom. The utility room is oversized and is ideally located near the garage entry. For your added comfort the primary suite is quite private in the far back corner of the house, and has a spacious ensuite bathroom with a soaker tub, separate shower and a generous walk in closet. All bedrooms are comfortably sized and are just right for your family and or guests. Step outside to an oversized backyard..with a gorgeous pool framed with tropical palms and full privacy fencing. Some of the extra added features include a 10x 12 storage building and paid off solar panels that are not on the roof. They are located outside of the privacy fence. The savings on the electricity will be in documents for you to see the huge amount of money they will save you. With no houses behind you, the property offers peaceful country living while still being close to your favorite stores, restaurants and health facilities. The seller has invested a significant amount of money to make this home move in ready for you. Including new a HVAC system, a new roof, new ceiling fans, 3 new commodes, new paint throughout the entire interior and many window panes replaced. You can access a list in the documents section.
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.
