Extremely spacious 2 bedroom ranch on an oversized lot in an excellent location in Waterford off of Dixie and Sashabaw, with access to all sports Loon Lake! This home is sitting on a completely fenced in double lot with a wide variety of plants to enjoy through out the summer months while relaxing on your deck and enjoying the above ground pool. The inside of the home features a very spacious floor plan thanks to a large addition that was completed in 1990. Step through the enclosed front porch/mudroom into your large, combined living and dining room with hardwood floors and coved ceilings. Next you will enter your meticulously maintained kitchen with plenty of space and storage! The two bedrooms are located in the rear of the home with a half bathroom located within the smaller the room. The primary bedroom is oversized and also offers a generous sized walk in closet. The first floor also features a recently remodeled full bathroom that is currently equipped with a handicap accessible tub that could easily be swapped out or kept for the right buyer! The attached 2 car garage is a huge benefit for this home. This spacious structure, with high ceilings and 220 Volt Power, has the feeling of a pole barn but with the convenience of being attached to the house. This space was ideal for the current owners when entertaining! The partially finished, daylight basement, has a lot of potential for the next owners to elevate this property to the next level! This space currently has two unofficial bedrooms and a full bathroom but the possibilities are endless with this massive space. The sellers will be including a home warranty due to the older boiler that is still running strong! Roof was replaced in 2010.
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.
