This delightful bungalow is a perfect blend of comfort and convenience, nestled in the serene Norris Lake Community. It offers an ideal living space with 3 bedrooms and 2 full bathrooms, making it an excellent choice for families or anyone seeking a cozy home environment. As you step inside, you're greeted by an inviting living room, complete with a warm fireplace that features an insert-perfect for cozy evenings or entertaining guests. The living room seamlessly connects to the eat-in kitchen, creating an open and welcoming atmosphere. The kitchen is equipped with all essential appliances, and the washer and dryer are included, ensuring you have everything you need from day one. Adjacent to the kitchen, there's a spacious laundry room, providing plenty of space for your washing and storage needs. From the kitchen, you can step out into a cozy screened porch, an ideal spot for relaxing with a book or enjoying a morning coffee while taking in the tranquil surroundings. Down the hall, you'll find a full bathroom, easily accessible for guests and residents alike. All bedrooms are thoughtfully laid out, with the primary bedroom boasting its own private bathroom, offering a peaceful retreat for the homeowners.The backyard is fully fenced, providing a safe and secure area for children and pets to play. For those who enjoy DIY projects or need additional storage, the large workshop in the backyard is a standout feature. It comes equipped with 100 amps of dedicated power, including two 50-amp 240v breakers and a NEMA 14-50 outlet, making it highly functional for various needs. At the heart of the neighborhood sits a 106.7 acre lake perfect for fishing, boating, waterskiing and jet skiing surrounded by two beaches, lakeside parks and walking trails. The community's amenities are gated and card-access secured- new homeowners receive 2 cards at purchase. Other amenities include a junior Olympic-sized pool with swim team, lap swim, and water aerobics programs. Two tennis courts, a clubhouse available for private event rentals, a pier and boat ramp, several playgrounds. There is the Peninsula is another feature in this amazing lake community.
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.
