Welcome home to this 1 acre ranch property located on a quiet street with cornfields across the street! Ideal for someone wanting land and country living! This ranch home features a primary bedroom with a primary full bathroom attached! Two additional bedrooms on first floor and a bonus bedroom in the finished basement! Open kitchen and living room layout! Attached 2 car garage! Above ground pool with new liner and pool pump! From the front door you have a covered from porch that faces a cornfield! Very peaceful setting and location! From the front door you enter into the living room with the eat-in kitchen open layout. In the kitchen you have high end appliances, a pantry and additional storage for all your kitchen needs. From the kitchen you have a door that leads to the back deck and huge yard! Back inside off the kitchen is the door to the attached 2 car garage. Off the kitchen and living room is the hallway to the bedrooms and bathrooms. Primary bedroom has huge closet, full bathroom and easily fits a king bed! In the hallway is two additional bedrooms and a full bathroom. Downstairs you have a laundry room with water softener, new furnace and ac, and new water heater. Bonus room with closet is being used as a craft room currently. The other side of the finished basement has a play/workout room with a built in kids house under the stairs with a working "house" light. Off that finished room is the huge additional recreation area with a working fireplace and a half bathroom! New roof with a 50 year shingle was done in 2016. Full home surround sound system! Heat lamps in each bathroom! Perfect for the winter months!
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.
