Step into a charming and elegant residence that offers a delightful glimpse into the past. This beautifully styled bungalow features French 9-light transom windows above the front windows, creating a stunning focal point, alongside two stained glass windows flanking the wood-burning fireplace, complete with a wood mantel and tiled hearth. The property boasts excellent curb appeal, highlighted by a welcoming covered wrap-around porch with a red square stamped concrete floor, stucco walls, and a wainscoted wood ceiling. Upon entering, you will find formal living and dining rooms adorned with exquisite double mahogany inlay hardwood floors that flow seamlessly throughout these spaces, the hallway, and the bedrooms, complemented by ample windows that invite natural light. The spacious kitchen is ready for your personal touch, featuring newer stainless-steel appliances, including a gas stove, microwave, and refrigerator. This area opens to a back porch adorned with reclaimed wood ceilings, abundant windows, and a ceiling fan. The expansive yard includes a detached 1.5-car garage and a lengthy driveway. Inside, the updated bathroom showcases tiled flooring with glass tile accents. The two generously sized bedrooms offer beautiful flooring and oversized, cedar-lined, lighted closets. The full basement is vast, providing ample space and housing the laundry area equipped with a washer and dryer, a newer water heater, and a boiler with gas radiator heat. While the central air condenser and duct work are in place, please note that there is no exterior central air unit. Additional updates include refinished hardwood floors throughout, 10-foot ceilings, six-panel solid wood doors with glass knobs, and a newer roof. While the home is in good condition, it requires some tender loving care and updates. The seller is offering the property "as is," with the buyer responsible for any necessary repairs and closing costs. Come and discover your dream home! *More photos coming soon!
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.
