516 Harwood Avenue is an elegant and comfortable Victorian style home with tons of charm and modern updates. The exterior of the house consists of a large wrap around front porch and rear deck with staircase leading to the backyard that features a newly black top parking pad and detached garage. Upon entering the front door you are welcomed by an open concept floor plan. The living area is very bright featuring an electric burning fireplace which serves as a more efficient way of heating your home on the cooler evenings. Continuing to the eat in kitchen equipped with stainless steel appliances, modern cabinetry, a granite island and custom back splash, assures a modern dining experience. Before leaving the main level you will notice the crown molding, chair railing, picture molding, fresh paint, full size renovated bathroom and new flooring through out the first floor. On the second level resides (3) spacious bedrooms with new wall to wall carpet, a fully renovated bathroom featuring a barn yard sliding door. A newly added full bathroom as well as an room for office space. On the top level rest and retreat in the fully remodeled owner's suite with renovated bathroom and separate walk in closet that has tons of space for storage. The lower level of this Victorian Style Home offers a spacious entertainment area great for family game nights or entertaining. Brand new roof with a (10) year warranty, newly paved asphalt driveway, and waterproof basement with a (10) year warranty. In conclusion 516 Harwood Avenue offers tons of charm and character with new flooring and carpet throughout, new kitchen appliances, renovated bathrooms, (4) bedrooms, on suite, walk in closet, (4) full baths, open entertainment area, wrap around porch, rear deck with large fenced in backyard with access to the driveway and detached garage.
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.
