Back on the market due to no fault of the home. The prior sale fell through simply because the buyer was unable to wait for short sale approval. The short sale process is nearing completion, and approval is expected within approximately 30 days of an accepted offer. The perfect blend of privacy, comfort, and country charm awaits. This peaceful and welcoming home is tucked away from the noise while still offering convenient access to Howell, Fowlerville, and I-96. Inside, a bright and open layout creates an easy flow between the living area, kitchen, and dining space, making everyday living and entertaining effortless. Natural light fills the home, adding to the warm and inviting feel throughout. The primary suite is privately located on one side of the home, providing a quiet retreat. Two additional bedrooms and a full bath are situated on the opposite side, offering flexibility for family, guests, or a home office. The walkout basement features tall ceilings and a partially started bonus room, offering excellent potential for a recreation room, home gym, or additional finished living space. A standout feature of this property is the oversized 31x22 detached garage. It is fully insulated, heated with its own furnace that will only need to be vented, and offers ample space for hobbies, storage, or workshop use. Outside, enjoy the serenity of country living with plenty of room to relax, garden, or play, while still being close to town conveniences. **Subject to short sale approval** Play structure excluded from sale.
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.
