Stunningly Renovated nearly 3500 sq ft home featuring a brand-new 30 year architectural shingle roof that comes with a 7 year workmanship warranty and a 30 year manufacturer warranty and new gutters, this home also has a Smart Package which includes keyless entry locks on the front door and back door as well as a Smart Wi-Fi garage door opener, it has new premium luxury vinyl plank flooring on the main/guest level, plush new carpet on the owners level, a new stainless steel dishwasher, new upgraded faucets, new upgraded designer light fixtures, fresh Agreeable Grey paint, a beautiful piano staircase and 2 fireplaces are all included with this beautiful 2 story brick home in the Highly Rated Arabia Mountain school district, there is an open 2 story foyer, separate living room, separate dining room, office, open kitchen with eat in breakfast area and a separate family room with a fireplace all on the main level, the owner's level features a master bedroom to die for with a fireplace, a spacious executive bathroom with separate garden tub and shower, double vanities, a huge sitting room and a circular flow connecting the entire suite the bedroom with the fireplace, the bathroom and the sitting room, the secondary bedrooms are spacious and have step in closets with trey ceilings there is a 2 car garage and driveway that can comfortably park 6-8 cars, the water heater is only 3 years old and this home is just minutes to Arabia Mountain High School and walking distance to popular Arabia Mountain trails. ***1 Year American Home Shield Warranty provided at closing***. Must schedule through Showingtime. Owner says sell!
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.
