This charming ranch-style home, built in 1948, offers a perfect blend of classic character and modern comfort. Nestled in a serene neighborhood, this detached residence boasts a well-maintained exterior featuring durable brick and block construction, ensuring lasting quality. The inviting front yard, complemented by a well-designed gutter system, enhances the home's curb appeal while providing a welcoming atmosphere. Step inside to discover a warm and inviting interior adorned with beautiful hardwood flooring that flows seamlessly throughout the living spaces. The cozy living room is anchored by a stunning brick fireplace with glass doors, creating an ideal spot for relaxation and gatherings during chilly evenings. The home features three spacious bedrooms, providing ample space for rest and personalization. An attic adds extra storage options, ensuring that your living areas remain clutter-free. The well-appointed kitchen is ready for your culinary adventures, and the convenience of an electric dryer in the laundry area makes everyday chores a breeze. With one full bathroom, this home is designed for both comfort and functionality. Outside, the property sits on a generous 0.16-acre lot, offering plenty of room for outdoor activities or gardening. The location, situated in the middle of the block, provides a sense of community while maintaining a peaceful ambiance. On-street parking is readily available, ensuring convenience for you and your guests. This home is ideally located within a vibrant community that boasts numerous benefits. Residents enjoy easy access to local parks, perfect for leisurely strolls or picnics, and nearby schools that are known for their commitment to education. The neighborhood fosters a strong sense of camaraderie, with friendly neighbors and community events that bring everyone together. Public services in the area are top-notch, ensuring that residents have access to essential amenities and resources. Whether you're looking for shopping, dining, or recreational activities, everything you need is just a short drive away. This delightful property is not just a house; it's a place to create lasting memories. Experience the comfort and warmth of this home, where every detail has been thoughtfully considered to provide a welcoming retreat for you and your loved ones.
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.
