RARE OPPORTUNITY: CUT 11 YEARS OFF YOUR MORTGAGE & SECURE A SUB-MARKET RATE! Stop chasing today’s high rates and step into a financial goldmine. This stunning 3BR/2.5BA home features a fully Assumable FHA mortgage, allowing you to capture a massive interest rate discount compared to a new 30-year loan. With only 19 years remaining on the term, you effectively skip over a decade of front-loaded interest, providing tremendous monthly savings and exceptional investment growth from day one. (Buyer must qualify through the existing lender).This strategy creates an opportunity to acquire a 2nd mortgage to gap the difference. SELLER INCENTIVE: up to $10,000 in seller credits to be applied towards prepaid, closing cost, rates, and/or full year HOA paid. THE RESORT LIFESTYLE:Experience true relaxation in this turn-key gem. The interior boasts brand-new luxury plank flooring, designer-renovated bathrooms, and a spacious 2-car garage. Enjoy your morning coffee on the private covered patio or take advantage of the prime location near the lake and local amenities.TOTAL PEACE OF MIND:The community takes care of everything! Your monthly dues cover exterior maintenance, yard work, and even the roof, leaving you with zero "to-do" lists and total freedom to enjoy the resort-style surroundings.Why wait for rates to drop when you can own a low-rate legacy today? This is the smartest financial move you’ll make this year. Schedule your tour now! See realtor remark for further info on the Assumption.
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.
