Yes, you found your house!!!! A brick front, 3-story home with a full basement on a lake, rocking chair front porch, deck off the family room, extra long patio off the basement, in a swim-tennis community with a playground, an open field for soccer practice, walking trails, two entries to control traffic, sidewalks, and street lights. And that's not all!!! Your kitchen is open to the family room and the dining room with a breakfast bar for 6 people, an island for preparing food, and eat-in area with lots of windows to view the lake as you take your morning coffee. The formal living room can be a great flex room as it is being used as an office/study room. Scratch the large owner's suite with a sitting area and an extra-large closet off your list because you have that now. Plus, your growing teen has a large bedroom with a large walk-in closet. Not to leave anyone else out, all the rooms are nice sizes, and you have a large hallway between the bedrooms to create a reading nook. Now let's get to this basement. You have 7 rooms in this basement to create your in-law suite and entertainment oasis with a lake view and a patio big enough for an undercover sitting area. Go ahead and put the fire pit right off to the side of the patio. I'll bring the marshmallow for your first night on the lake. A pool party and a round of tennis are just a 2-minute walk from your front door. You can watch the kids walk to the pool from your covered rocking chair front porch, chilling under the porch ceiling fan. Wait...I forgot to mention the upgraded kitchen floors, cabinets, and all the kitchen appliances are included. Oh, and your electric car has a plug in the garage. Just come see how much you are going to love what you get for your money.
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.
