JUST LISTED!!!! – 535 Shamrock Drive, Waterloo. Spring into this BEAUTY before the sign says SOLD! Located in the desirable Stonefield Subdivision on the south end of town, directly across from Waterloo High School and adjoining city walking and biking trails, this location is hard to beat! Built in 2003 and offering approximately 1,837 sq. ft., this fantastic ranch home features 3 bedrooms and 2 bathrooms on the main level, plus a lower-level bonus room currently being used as a TV room (previously used as a bedroom with no egress). Pulling up, you'll immediately notice the incredible curb appeal with new landscaping, trees, and fencing added this year. Situated on a generous .40-acre lot, this home offers a fantastic large backyard with an easement along the right side creating even more open space and making the yard feel HUGE! Even better, the property backs to open ground, offering extra privacy and room to enjoy the outdoors. Step inside and prepare to be impressed! Enter through the foyer entry with sitting area and immediately notice the vaulted ceilings throughout that create an open, spacious feel making this home appear even larger. The inviting living room features a cozy wood-burning fireplace that has been professionally cleaned every other year and can easily be converted to gas. The kitchen offers a breakfast bar, an abundance of cabinetry, pantry space, and a conveniently located washer and dryer area. The spacious primary suite is sure to impress with a private bath featuring a relaxing garden tub, separate shower, and double vanity. The additional two bedrooms are generously sized and offer fantastic closet space as well. Nearly the entire home has been transformed over the last several years with updates including new flooring throughout the main level, updated lighting and ceiling fans, new kitchen appliances, replaced interior doors, and brand-new Anderson energy-efficient double-hung windows and doors installed in 2025. The exterior transformation continued in 2024 with a gorgeous new black roof, gutters, downspouts, soffit, fascia, and a new concrete patio perfect for BBQs and entertaining family and friends. Additional updates include a new hot water heater in 2022, updated interior door hardware, professionally cleaned vents, and just this year a new HVAC system complete with a humidifier and air scrubber. The lower level features a rare 9-foot basement, and Sellers had plans to finish the space and have already purchased flooring that is not included but may be negotiable outside of the sale. Additional features include laundry and stove hookups equipped for either gas or electric. This home truly has so many of the big-ticket items already completed and is move-in ready. The only thing missing is YOU! Don't delay—schedule your showing today and Spring into this home before the sign says SOLD!
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.
