Cozy, completely remodeled one level home close to the City of Marion, but not in city limits - county taxes only! House was recently renovated - new floors, subfloor, roof, siding, doors, paint, water heater, plumbing fixtures, new bathroom, light fixtures, windows. Charming 1 BR, 1 BA home has two mini-splits for heat and AC, separate living room, kitchen, laundry room. Large deck overlooks mature neighborhood. Paved street. Lot is about 0.32+/- acre and runs deep to the open back yard so great place for gardens or to build fence for pets. Special feature of this property is the detached 12 ft x 16 ft outbuilding with delightful finished interior - has wood walls and wood vaulted ceiling, lovely chandeliers, is wired but not plumbed. Versatile uses for this building include home office, craft workshop, TV/Game Room, man cave or she shed. Affordable first home with low utility bills. OR, buy this as a weekend mountain retreat or summer home to escape the scorching heat. Marion is in the foothills of the Blue Ridge Mountains. Shared well with one neighbor. Well rights and well maintenance agreement are recorded. Septic permit not found. SOLD AS IS. Vendee(Seller) Financing might be available on this property, but is not guaranteed. Watch your step in the crawl space - entry by small door, area is dark and has uneven dirt floor. Use caution when viewing the detached building. If property was built prior to 1978 lead based paint potentially exists.
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.
