Check out this spacious and inviting 3-bedroom, 2-bath home that offers a well-designed layout with multiple living and dining areas, perfect for both everyday living and entertaining. A welcoming grand room serves as the centerpiece of the home, highlighted by beautiful custom wood crown molding and built-ins, a cozy fireplace with custom mantle and legs, and warm architectural details that add character and charm to this space. The home also features a separate family room, a formal dining room for special gatherings, and a second dining area ideal for casual meals. Natural light fills the living spaces, creating an open and comfortable atmosphere throughout. The kitchen offers stainless appliances including a built-in cook top and oven, generous cabinet storage and counter space, providing a solid foundation for future updates and personalization. All three bedrooms are nicely sized, especially the spacious master bedroom with separate his and hers walk-in closets and a beautiful en suite that features double vanities, large jetted tub, walk-in shower, high-ceilings and a large window to bring in tons of natural light. Please note a couple of MAJOR UPDATES to the home include: 2020 roof (with class-4 high-impact shingles); and complete brand new HVAC system with 6-12 year warranty on parts and replacement (April 2024). The home is perfectly located just a few minutes away from highways and the turnpike, making your travel commute a convenient one, as well as being near schools, parks, restaurants, retail stores, and more! The distinctive woodwork, thoughtful floor plan, and generous room sizes make this property a standout opportunity for buyers looking to add their own style and value. A truly nice home with timeless features, ready for its next chapter. This home is a must see! Buyers are to confirm all information including schools.
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.
