Welcome to this dreamy home, a well-cared-for, delightful 1930 bungalow nestled in the picturesque, tree-lined streets of the Oakley neighborhood. Just outside of Asheville city limits, this enchanting residence offers you the best of both worlds: the charm of an established community paired with the amenities of Asheville nearby! Step onto the covered front porch of this welcoming abode and find two porch swings, inviting you to unwind and enjoy the gentle breezes of spring in Western NC! Also outside, a level, fully-fenced back yard that beckons for summer barbecues, play with pets, gardening, or simply soaking up the sun! Inside, encounter the inviting living room - perfect for sips and chats; discover three cozy bedrooms, each boasting closets that defy size expectations for homes of this era, and a spacious full bathroom with ample space for your daily routine! Gather around the dining room table and enjoy meals in a space adorned with elegant built-in shelves, perfect for showcasing your favorite décor or cherished family heirlooms. Prepare to be charmed by the tidy and functional kitchen! Not only is it a culinary haven, but it also features a whimsical "murphy" table that serves as a cozy breakfast nook. Lower it for your morning cup of coffee or a quick meal for two, and when not in use, it effortlessly folds away! This home doesn’t just stop at charm. The unfinished basement offers bountiful storage opportunities! Additionally, a 2-car detached garage features upgraded electrical, opening the door for workshop potential – whether you're a hobbyist, a craftsman, or simply seeking a space to tinker. And, with ample driveway parking, you’ll never have to worry about finding space for you and your guests. This well-loved, captivating bungalow is waiting for you to make it your own. If you’re seeking a charming home rich in character in a fantastic location, look no further! Schedule a tour today, and let the magic of this home sweep you off your feet!
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.
