Welcome to this beautifully maintained twin home in the highly sought-after Norwood neighborhood, offering a perfect blend of comfort and functionality. Step inside and be greeted by a spacious living area that seamlessly flows into the dining room, creating an inviting space for gatherings and everyday living. The kitchen, conveniently located off the dining area, features sleek stainless-steel appliances, making meal prep a breeze. On the main floor, you’ll find two bedrooms, including a versatile larger bedroom with sliding glass doors leading to the fenced backyard. This space is perfect as a cozy den, family room, or entertainment area. A recently updated full bathroom completes this level. Upstairs, discover two more generously sized bedrooms with ample closet space, a full bathroom, and a bonus room ideal for a home office, walk-in closet, or additional storage. The outdoor features are equally impressive; with a fenced backyard, a concrete patio perfect for outdoor entertaining, and a charming front yard. The two-car driveway ensures convenient parking. Inside, the home boasts new carpeting throughout (excluding the basement), with luxury laminate flooring in excellent condition underneath. Additional highlights include: · Solar panels installed in 2024 for energy efficiency. · New heater installed in 2024. · Durable white rubber roof installed in 2023. · Security storm doors installed in 2023. The partially finished basement offers endless possibilities to expand your living space and make it your own. This home is truly move-in ready and packed with modern updates. Schedule your showing today and see all that this delightful property has to offer!
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.
