Set on a beautiful premium lot surrounded on two sides by community green space, this ranch home in Covington at Lake Norman offers one of the most peaceful and private settings in the neighborhood. Mature arborvitaes create privacy in the backyard, while lush crepe myrtles in the front provide shade and exceptional curb appeal, making the outdoor setting feel just as intentional as the home itself. Designed for effortless main-level living, this thoughtfully upgraded home features a spacious and functional layout with numerous builder enhancements, including additional windows for abundant natural light, hardwood flooring throughout the main level and upstairs, and a beautifully tiled primary shower. The generously sized primary suite offers a private retreat with a large dual vanity bath and an oversized walk-in closet designed for both comfort and convenience. A main-level guest suite positioned at the front of the home provides ideal separation for visitors, while the formal dining room offers flexibility as a dedicated home office, sitting room, or entertaining space. The four-season patio creates the perfect extension of the living space, allowing you to enjoy North Carolina’s beautiful weather year-round while overlooking the private backyard and surrounding green space. Upstairs, you’ll find a spacious bonus room, a third bedroom, and a full bath—ideal for guests, recreation, or multigenerational living. The walk-in attic offers more storage than expected, making organization easy without sacrificing living space. Located in the highly sought-after Covington community in Denver, residents enjoy close proximity to Lake Norman, with the nearest public boat ramp just over a mile away and community boat storage available for added convenience. The Ridge section of the neighborhood is especially loved for its walkability, featuring gently sloping sidewalks, plus access to community amenities including a pool and clubhouse. This is a rare opportunity to own a home that blends privacy, flexibility, and the sought-after Lake Norman lifestyle.
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.
