This solid block home stands in the heart of Disston Ridge, high and dry beyond the flood zone. It is a two-bedroom, two-bath house with good bones and the kind of space that lets you live comfortably now and make even better later. Fresh paint inside and out gives the place a straightforward curb appeal. It looks cared for and ready. Inside, the rooms are generous. Both bathrooms have been updated. The primary bedroom includes a walk-in closet and a private bath that works the way it should. The kitchen has granite countertops and holds together well, practical and clean. Tile floors run through the main part of the home, ceiling fans keep the air moving, and central heat and air do their job year-round. The electrical panel has been updated, and the washer and dryer are already in place. French doors open to a Florida room filled with light and quiet, a good place to sit or work or let the day slow down. From there, you step into a large fenced backyard with alley access, gated for privacy and ease. There is room here for gatherings, for a garden, for a boat or an RV. A storage shed stands ready, and a one-car garage adds function without fuss. The house is move-in ready, with the freedom to change it over time. Downtown restaurants and shops are close. I-275, shopping, and dining are all just minutes away. It suits a first-time buyer, someone ready to scale down, or an investor who knows potential when they see it. There is room to expand and good reason to stay. A sound house in a strong place, waiting for the right hands. *room sizes approximate please verify.
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.
