Unlock incredible flexibility and income potential with this one-of-a-kind property featuring a private apartment and separate workshop, ideal for generating rental income, running a home business, or accommodating multi-generational living. Step into your own backyard oasis, complete with a stunning saltwater pool surrounded by Oklahoma flagstone, a tranquil waterfall, and lush landscaping that creates a private, resort-style setting. The impressive two-story detached workshop-apartment offers heated and cooled space with a half bath downstairs, while the upper level features a spacious bonus area with a full bath, perfect for a game room, media room, guest suite, or additional rental opportunity. Enjoy peaceful mornings and relaxing evenings on the 17x7 screened porch overlooking the serene backyard. Inside, the remodeled kitchen shines with granite countertops, stainless steel appliances, tile backsplash, and under-cabinet lighting. The primary suite offers a beautifully updated bath with bronze fixtures and a marble shower, while upgraded windows and patio doors enhance both style and efficiency throughout. The main home offers approximately 1,980 square feet of living space, complemented by an additional 596 square feet in the detached guest quarters. The garage includes a partially converted 18x7 study, which can easily be returned to full garage use if desired. Major system updates provide peace of mind, including a 2024 primary HVAC, 2019 secondary HVAC, and 2022 water heaters, along with a recently updated shower (2021). Loved for its versatility and thoughtful design, this property offers the perfect blend of functionality, comfort, and opportunity—giving you space to live, work, entertain, and unwind in your own private retreat.
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.
