Sophisticated Georgian with welcoming path to the charming red door is set on a beautifully landscaped corner lot with an impressive 3-car garage. Architectural dormers and arched windows elevate the home's timeless curb appeal. Inside, this well-appointed 4-bedroom residence offers generous light-filled rooms designed for every purpose. An updated Kitchen shines with new quartzite countertops, stainless steel appliances-including new LG refrigerator, new Whirlpool dishwasher, new GE double oven-plus an eye-catching restaurant-style brick accent wall. A spacious island and inviting breakfast area with banquette seating create the perfect setting for casual dining and gatherings. Adjacent is the intimate Family Room with brick-surround fireplace featuring sliding glass doors to the splendid yard. Two staircases lead to the upper level featuring a serene Primary ensuite with private double-sink bathroom, whirlpool tub and huge walk-in closet plus three additional bedrooms including a supersized fourth bedroom with built-in window seat, palladian arched window and custom built-in shelving, ideal as 2nd family room or study lounge. The lower level adds more flexibility with a custom built-in bar and large recreation/media space. Outdoor entertaining is effortless on the custom paver patio overlooking the lush backyard. Recent updates include new front door, new asphalt driveway, freshly painted exterior, newer furnace (2022), newer A/C (2021), newer sump pump (2022). Located in the desirable Providence Village close to highways, dining, and shops, this is the perfect family home to celebrate holidays and create forever family memories.
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.
