Tucked among the trees on nearly 2 private acres in sought-after Blue Water Bay, this authentic Center Hill Lake log home offers the lake retreat buyers dream about but rarely find. With seasonal lake views, warm wood interiors, and room to gather family and friends, this is the kind of place where memories are made after long days on the water and evenings spent enjoying the peaceful surroundings. One of the home's most distinctive features is the beautifully renovated kitchen, where modern design meets timeless cabin character. Gorgeous sage green cabinetry, coordinating granite countertops, and an updated layout create a fresh, contemporary feel while maintaining the warmth and authenticity of the log home experience. Outdoor living shines with both a spacious new sun deck and new screened porch, creating the perfect spaces for morning coffee, entertaining, or unwinding after a day on Center Hill Lake. The lower level is designed for fun and relaxation with a recreation and bar area, space for a pool table, and the convenience of a private bathroom, making it ideal for guests and game day gatherings. Outdoor enthusiasts will appreciate the oversized garage with epoxy floors and plenty of room for boats, side-by-sides, jet skis, Razors, vehicles, and lake gear. The fenced backyard offers seasonal lake views, raised garden beds, and extensive landscaping that creates a private retreat. From the moment you arrive, the curb appeal sets this home apart with mature landscaping and a charming brick-inlaid circular walkway leading to the front entrance. Blue Water Bay owners and guests enjoy resort-style amenities including a community pool, fitness center, clubhouse, and walking trails, while marinas, boating, fishing, hiking, and kayaking are just minutes away. Whether you're searching for a full-time residence, weekend escape, or vacation home, this property also offers excellent short-term rental potential with projected annual income of approximately $70,000.
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.
