The moment you step inside, you'll be embraced by the inviting warmth and charm of this stunning Bloomfield home. The kitchen features beautiful granite countertops, large Island with convenient seating, beautiful backsplash, top-of-the-line sink and faucet, and a built-in oven and microwave. For the culinary enthusiast, there's a GAS cooktop! You'll also find a Butler’s Pantry inset within the Breakfast Room! Within this amazing open-concept living space, you will find an abundance of windows with relaxing views of the spacious backyard and covered patio-the perfect place to enjoy morning coffee or relaxing with a glass of wine at the end of the day. With the Primary bedroom, two additional bedrooms, an Office or Study with French Doors, all located on the first level, along with the Formal Dining or FLEX space, laundry room, and spacious full bath, this floorplan has so much to offer every buyer’s wants and needs. The Master Suite is a peaceful and inviting retreat, complete with a stunning ensuite featuring a large walk-in shower, relaxing tub, dual sinks, and spacious closet and sitting area. The main living area is highlighted by a cozy fireplace and open sightlines to the kitchen and breakfast area, creating an ideal layout for everyday living and entertaining. The lovely wrought iron staircase leads to the exceptional upstairs. The impressive FLEX room upstairs features a built-in desk space with so many options-kids homework area, a gameroom... truly, endless possibilities! The 4th bedroom could be used as a 2nd Primary Ste. with a Luxurious Bath just steps away! This home also features an upgraded, attractive garage door and a full sprinkler system! In addition to the awesome patio, the backyard also offers a large, approx. 8x8, professionally installed Storage Building! With EZ access to I-35, this home is convenient to shopping and dining, and offers work-from-home flexibility! This charming and immaculate home could be your NEW place to call HOME!
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.
