Nestled in the charming community of Stonewood Farms, this delightful Colonial-style home offers a perfect blend of comfort and functionality. With 2,184 square feet (above grade) well-designed living space, this residence features four spacious bedrooms and two and a half bathrooms, making it an ideal retreat for those seeking a warm and inviting atmosphere. Step inside to discover a thoughtfully laid-out interior that includes a formal dining room, perfect for hosting gatherings, and a cozy breakfast area that invites leisurely mornings. The heart of the home is the inviting living space, complete with a brick fireplace that adds a touch of warmth and character. The kitchen is equipped with essential appliances, including SS range, refrigerator, dishwasher, and washer/dryer, ensuring that daily tasks are a breeze. The home boasts a full basement with poured concrete, providing ample storage or potential for additional living space. Natural light pours in through windows, enhancing the home's welcoming ambiance. Outside, the property sits on a generous 0.32-acre lot, featuring a beautifully landscaped front yard and a rear yard that offers a serene outdoor space for relaxation or play. The deck is perfect for summer barbecues or quiet evenings under the stars. A convenient shed provides additional storage for gardening tools or outdoor equipment. Stonewood Farms is not just about the home; it's about the lifestyle. This community is known for its friendly atmosphere and well-maintained surroundings. The neighborhood is also conveniently located a short walk from the park and schools, ensuring that educational opportunities are just a short distance away. Public services in the area are reliable, providing peace of mind for residents. With ample parking options, including an oversized attached garage and a spacious driveway, convenience is at your fingertips. This home is a wonderful opportunity to embrace a lifestyle of comfort and community. Whether you're entertaining friends or enjoying a quiet evening at home, this property is ready to welcome you. Experience the charm of Stonewood Farms and make this house your home.
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.
