Welcome to 520 Palo Duro Drive, a thoughtfully updated home that brings comfort, space, and practical enhancements together in a well-designed layout. Offering 1,404 square feet of living space and built in 1978, this home sits on a generous 0.27-acre corner lot positioned at the end of the road, creating a setting with minimal traffic, added privacy, and a sense of retreat. The upgraded AC system provides improved efficiency and year-round comfort, while the updated kitchen features refreshed finishes, modern touches, and an intuitive flow that supports both everyday routines and casual entertaining. Inside, a converted garage adds valuable flexibility, now offering a combined bedroom and office space ideal for work, creative pursuits, or other functional uses. The property still includes usable garage space, giving room for storage, tools, seasonal items, or equipment. The main living areas offer a comfortable layout with a natural connection between the kitchen, dining, and living spaces, allowing for an easy, open feel. The backyard is one of the home’s most notable highlights. Larger than many in the area, it provides room for outdoor gatherings, play areas, gardening projects, or simply enjoying open green space. A privacy fence surrounds the yard and includes vehicle-access capability, adding convenience for trailers, equipment, or additional parking needs. According to the seller, the location is a favorite aspect—just two blocks from a nearby elementary school and set on a quiet street with very little passing traffic. Located within Joshua ISD, this property blends convenience, thoughtful updates, and spacious outdoor living into a single inviting package. Whether appreciating the quiet corner-lot setting, the upgraded systems, or the expanded interior flexibility, 520 Palo Duro Drive offers a welcoming environment ready to complement a wide range of needs.Bundled service pricing available for buyers. Connect with the listing agent for details.
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.
