Beautiful Brick Georgian in Glendenning Place! This Charming home will make you feel welcomed the moment you enter. Generous foyer with convenient entry coat closet. Arched doorway leads to spacious living room, a sharp lannon stone fireplace w/gas starter, hardwood floors. Wander back through the foyer past another arched doorway to the charming formal dining room adjacent to the sharp updated kitchen and 2-tiered breakfast bar - this floor plan is great for entertaining and Holiday gatherings. Sharp modern kitchen - very nice, with gorgeous granite counters, luxury vinyl plank flooring, under cabinet & recessed lighting, cabinets tastefully refaced, and Stainless Steel Appliances. Don't miss that convenient powder room tucked in at the west end of the kitchen! Upstairs offers 3 good sized bedrooms, the master with double closets. 2nd bedroom now used as a workout room, music room, but really a nice-sized bedroom. The basement offers an abundance of storage space, and a large area easily made into cozy family room, office area or play space for the kids. Spacious laundry spot, washer/dryer included. This home offers a beautiful and spacious back yard, fully fenced for family fun. Newer patio for summer cook-outs, fire pit area for Fall fun. 2 car brick garage. And don't miss that cute brick paver patio at the front of the home for another spot to relax! Newer windows all around (except the front swing windows), updated electric panel, newer asphalt driveway, concrete stoop and back patio, newer sewer line from house to street all replaced, refinished hardwood floors. Close to parks, Lyons Wood Forest Preserve, Lake Michigan, Glen Flora Country Club, the Historic Genesee Theatre. A Great location and Lovely Home!
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.
