GENTLY LIVED IN ONE-OWNER HOMESTEAD!! 4-BED/3-BATH/2-CAR three-way split layout. The exceedingly popular Florence model -- a floorplan that sets up well for home-office work or a multi-generational living environment. The front bedroom offers an en-suite full bathroom ideal for a multitude of living arrangements. Spacious by design, the home presents an open feel with a living room/den flanked by a formal dining room with a passage way directly to the kitchen. Stainless steel appliances and rich wood cabinetry topped with black granite provide a bold & timeless kitchen as the home’s centerpiece. A useful breakfast nook and welcoming family room provide options for everyone to gather and enjoy. Spacious primary bedroom with large walk-in closet offers the perfect respite at the end of day. Guest bedrooms 3 & 4 share the left corner of the home with an ample third bathroom. The home backs to undeveloped land with privacy vinyl-fencing on both sides (neighbor’s own), so a fully-enclosed backyard would be simple and inexpensive. THREE BLOCKS FROM THE COMMUNITY SWIMMING POOL! The owners have FULLY-PAINTED THE EXTERIOR and INTERIOR and RECENTLY RECARPETED THROUGHOUT to make the next owner feel welcome with no out-of-pocket costs. Stonewood Estates is a “NO-CDD” COMMUNITY and this home has NO PESKY SOLAR CONTRACT TO ASSUME!! Living will be an affordable breeze. Be at the center of the action: Orlando International Airport, Medical City, Shopping/Dining, USTA Tennis Center, Theme Parks & Attractions, area beaches, convenient highway access and so much more. You’ll soon see why the Lake Nona area is nationally recognized as one of America’s hottest places to live.
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.
