Discover the potential of this spacious six-bedroom home nestled in the heart of Murphy, Texas. Located in the highly desirable Wylie ISD, this property offers an exceptional opportunity for buyers looking to customize a home to their vision. While the residence needs updating and cleanup, it is priced dramatically lower than comparable homes, creating a fantastic value with plenty of room for improvement and instant equity. Inside, the open-concept layout includes two large formal living areas, a family room with a beautiful stone fireplace, surround sound, and vaulted ceilings. The chef’s kitchen features granite countertops, a stone backsplash, stainless steel appliances, a butler’s pantry, and a large island ideal for meal prep. A downstairs study, also usable as a second bedroom, with a full bath conveniently located across the hall, adds flexibility for guests, work-from-home needs, or multi-generational living. Upstairs, you’ll find a spacious game or media room, along with four well-sized bedrooms and two full baths. The primary suite downstairs serves as a private retreat, offering ample space and a spa-like bath. With six large bedrooms, generous living areas, and excellent natural light, this home has the framework to become truly stunning with thoughtful updates. Step outside to enjoy an extra-large backyard with plenty of room for gardening, play, and outdoor gatherings. Ideally located across from the community pool and park and within walking distance of soccer fields—this home supports an active, family-friendly lifestyle. It is also conveniently close to major highways, dining, shopping, and the upcoming Murphy H-E-B. Home is being sold as-is, and all offers require court approval, which may take approximately 30 days. Don’t miss this rare opportunity to create value in a fantastic neighborhood.
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.
