Instant Equity! 5 Bed 3.5 Bath Colonial w/ a fully finished basement and a 2-car garage, boasting over 4500SQFT located in Sought After Neighborhood of Leonard's Grant! Homes with this SQFT at this price point are almost non-existent. Similar homes have sold in this neighborhood for $625,000-$675,000! This home will need some cosmetic repair but is ready to shine again! From the street you are greeted by mature landscaping, a large concrete driveway and a sidewalk that takes you to the front porch. Upon entry you are greeted by a nicely sized 2-story foyer. To the right of the center hall, a living room with a formal dining room situated just in behind it. The kitchen, breakfast area, and large family room encompass the entire back portion of the main floor making this the perfect home for entertaining. A nicely finished hall bath and a large mudroom/laundry room complete the main floor. Upstairs, a very large primary suite is home to a huge walk-in closet and an en-suite bath. The bath has dual vanities, a separate water closet, a soaking tub, and a good sized stand up shower. The bathroom once had a water leak at the tub, which has since been mitigated, however was never built back. The bath will require new flooring and a little bit of tile work around the tub. 3 more large bedrooms and a hall bathroom with a double-sink vanity complete the upstairs. The lower level is in good shape with newer vinyl plank flooring, a small wet bar, a recently updated full bath, and a large 5th bedroom. The rec area is also large with two separate areas which creates the ability to have multiple functions. The back yard is large, flat, and it backs to trees allowing for some built-in privacy. Just down the street are all of the community amenities including a village green w/ a gazebo, a large playground, pickleball court, basketball court, and a community center w/ a large community pool! A little paint, some flooring and a few tasteful updates would bring this home back to life! Take advantage now so that you can enjoy all that Leonard's Grant has to offer! Set up a showing ASAP before this one is GONE!
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.
