Affordable housing, with loads of recent upgrades, located walking distance from downtown! This 3 bedroom, 1.5 bath home oozes charm and is move in ready. The kitchen features beautiful sage colored cabinets, new countertops, and stainless appliances. There is plenty of space for food prep and all of your favorite kitchen appliances. The dining area and living room are open and provide great space for entertaining friends and family. The flooring throughout the house is a durable, but gorgeous, grey LVP. Upstairs you will find generously sized bedrooms, a storage area, and newly renovated bathroom that is light and bright. The basement has a laundry room with a half bath, a bonus room that could become a den or 4th bedroom, and additional storage. A new furnace was recently installed and provides economic heating. The back deck has composite boards and a split stairway leading to the lower patio and backyard. Whether you are looking for space to grill, garden, or play there is space for your favorite outdoor hobby. There is also a detached garage that is large enough to become ground zero for numerous DIY projects. Enjoy watching the E-town ducks play in the creek behind your property, take a walk to Rita's, get fresh steaks at Groff's, grab coffee at Folklore, or go shopping on the square without walking more than 5 minutes from your home. With so much to offer, at a price that is hard to find in this market, you will want to move this one to the top of your "must-see" list!
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.
