Need extra space for a home business, studio, workshop, or creative retreat? This centrally located Pace property offers a climate-controlled bonus space above the oversized garage, energy-saving solar panels, flexible living areas, and a backyard designed for entertaining. The oversized garage is constructed with durable steel SIPs and a metal roof, while the bonus space above, complete with a mini-split system, offers endless possibilities and has previously been used as a recording studio. Designed with efficiency in mind, the home features a solar panel system that helps reduce monthly utility costs, UV lighting in the HVAC system, and a private well-fed Rain Bird irrigation system. Inside, you'll find 3 bedrooms, 2 bathrooms, wood-look tile flooring throughout, fresh interior paint, hidden storage, and a versatile floor plan with multiple living and flex spaces to fit a variety of lifestyles. One living area features a beautiful tongue-and-groove ceiling that adds warmth and character. The kitchen has been enhanced with additional cabinetry for improved storage and functionality, while the guest bathroom features an updated tiled walk-in shower. Step outside to your private backyard retreat featuring an outdoor kitchen, Master Spa Twilight 7.2 therapeutic hot tub, and plenty of space to relax, gather, or entertain year-round. Major improvements include a 2020 roof, 2016 HVAC system, 2026 water heater, and metal roof over the garage. Several valuable items convey with the sale, including the washer, dryer, microwave, multiple TVs, surround sound system, garage wall cabinets, Canon safe, loft shelving, studio equipment, and garage door winch motor. A one-year Fidelity National Home Warranty is included for added peace of mind. Conveniently located near shopping, dining, schools, and everyday amenities, this home offers flexibility, functionality, efficiency, and outdoor living all in one package.
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.
