Reduced Price! 5 bedroom + 3.5 bathroom home on a .45 Acre Lot in Stratford for only $500,000. 4224 Allenby Place is ready for you to make it your next home, sweet home. Spend your mornings enjoying the front porch and then head inside to find your home office/flex space with French doors and a nice welcoming foyer. The open floor plan of the main floor transitions nicely from your kitchen to the living room with room for entertaining everyone. The pantry has been custom fitted with shelves and is perfect for the cook or baker in the house. Upstairs you have all 5 bedrooms. Let's start with the Primary Suite fit for a King - sized bed, that is! The primary suite also features an en suite bathroom with a dual vanity, soaking tub, tiled shower, separate water closet AND a huge closet with added shelving to make it perfect for your entire wardrobe. You have a junior suite across the hall with an en suite bathroom, a perfect place for your guests. Down the hall are the 3 remaining bedrooms all large enough for a queen-sized bed. Ample storage on the main floor and upstairs - you shouldn't run out of space in this house. Outside is a huge perk - you have an expanded driveway to accommodate 7 cars! The backyard is one of the largest in the neighborhood - it's fenced with a BIG patio AND it comes with the pergola. Ready for entertaining this summer. Currently zoned for the Porter Ridge cluster schools. All that's needed is YOU to make it yours. Call us to see it in person!
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.
