Such an incredibly Spacious Home! Plus expandable space in the basement as well. Discover this charming and spacious 4-bedroom, 2.5-bath cottage-style home in desirable Summergrove, ideally situated on a corner lot directly across from High Point Circle Park. This well-maintained, two-story gem offers an inviting open floor plan, featuring hardwood floors and an updated kitchen complete with stainless steel appliances. Cozy up in the living room with -built ins on each side of the fireplace! The main level boasts a primary bedroom retreat with a beautifully remodeled bath, complete with an oversized shower and modern finishes. Additionally, a half bath and a separate laundry room add convenience to the main floor layout. The huge upper deck is great for entertaining or just hanging out. Upstairs, you'll find three generously sized bedrooms and a Jack and Jill bathroom with hallway access, perfect for family and guests alike. An extra-long two-car garage with built-in storage leads to an unfinished room and bathroom plumbed basement, 500 sq ft ready for your vision! Whether it's a home office, weight room, man cave, she shed, or craft space, the possibilities are endless. Additional highlights: Plush Carpet: Only 2 years old Sprinkler System: Maintains a lush landscape Smart Home Features: Blink security system, Ring doorbell, MyQ Smart Garage with video keypad, and Nest thermostats. The owner has recently updated the landscaping in the front yard with new sod and also spruced up the exterior of the home as well. This is truly a must-see home with thoughtful updates and ample space to make your own! Don't miss the opportunity to call it yours. Schedule your showing today!
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.
