Welcome to your dream home, designed to meet all of your family's needs and more. Nestled in a vibrant community, this residence boasts a plethora of features that ensure both comfort and luxury. As you step inside, you're greeted by the spaciousness of four generously sized bedrooms, each offering ample space for rest and relaxation. The possibility of an additional bedroom in the lower level provides flexibility to accommodate your evolving needs. Indulge in the luxury of the extensive Master suite, adorned with vaulted ceilings, a large walk-in closet, and a sizable bath suite complete with a separate soaking tub and shower. An ensuite with a full bath and walk-in closet offers added convenience and privacy. With 4.5 baths, all with ceramic tile, every member of the family can enjoy utmost comfort and convenience. The main level offers an open appeal, featuring high ceilings, a separate formal dining room, and a living room that doubles as a home office space, ideal for today's dynamic lifestyle. The heart of the home lies in the large open kitchen, equipped with stainless steel appliances and hardwood flooring throughout. Adjacent, the family room beckons with its cozy ambiance, boasting a beautiful tiled gas fireplace and plenty of bright lighting to create the perfect atmosphere for relaxation and bonding. Entertaining is a breeze in the fully finished lower level, offering ample space for family gatherings. Complete with a full bath and two versatile rooms that can serve as additional bedrooms, a den, or a theater room, this area enhances the home's livability and entertainment potential. With a two-car oversized garage and a home warranty offered for peace of mind, convenience and comfort are paramount. Additionally, the community provides an array of amenities including nearby schools and shopping, ensuring a lifestyle of convenience and enjoyment for you and your family.
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.
