Welcome to 5301 Othello, a stunning five bedroom, four bath home perfectly situated on a spacious corner lot in the highly sought after Three Creeks community. This home was designed with both comfort and functionality in mind. Downstairs, you’ll find a dedicated office, two dining areas, and a spacious main living room. Upstairs offers an additional living space/gameroom, giving everyone room to spread out and enjoy their own space. With abundant storage throughout and a large three car garage, this home truly checks every box. The kitchen and bathrooms feature beautiful granite countertops, and the home has been meticulously maintained. The primary suite is a true retreat with a massive bathroom that includes separate vanities, a Texas sized walk in shower, and two oversized walk in closets that provide incredible storage and functionality. Step outside and the upgrades continue. Full gutters, a sprinkler system, a wood stained privacy fence, and an extended covered side porch create flexible and functional outdoor living space. And then there’s the backyard. Installed in 2022, the Latham Bermuda pool with Crystite Classic Blue finish is a true showstopper. It features built in LED lighting, dual deck jets, and an automatic chlorine system for easy maintenance. The extensive landscaping, custom outdoor entertainment and BBQ area, and pergola create a private retreat that feels more like a resort than a backyard. It is easily one of the most impressive outdoor living setups you will find in the area. Three Creeks offers a lifestyle that is hard to match. Located near Stillhouse Lake & the Lampasas River, residents enjoy private access to over five miles of scenic hiking and biking trails. The community features a central pavilion with a pond and natural landscaping that serves as a gathering place for neighborhood events and family get togethers. There is also a playground and picnic areas, all thoughtfully designed to blend with the surrounding natural beauty.
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.
