Check out this home with just under a half acre lot! Finding a lot this size in a Dallas County neighborhood is almost unheard of, but you have .445 acre lot to enjoy. This home is located on a Cul de sac right off of I 20 and Mountain Creek Pkwy and very near to 360, 161, 408 and I30 which makes it an ideal location to get anywhere you need to go in the DFW Metroplex. This home has a grand, elegant feel which you immediately notice with the beautiful wrought iron front door. There are archways throughout the home that help to define each space but also allows for the open concept floorplan and flow. The kitchen has an oversized island, double oven gas range, walk in pantry, and the upper cabinets have glass doors which are ideal for showcasing your best dishes, glassware and collectibles. Natural light pours into the home from the abundance of windows throughout. The secondary bedrooms are split with them being located towards the front of the home. There is a study which would also work for a 4th bedroom if needed. The primary bedroom is located at the back of the home and has a large bay window overlooking the expansive backyard, this would make a nice spot for a reading nook. The wood deck offers plenty of space to entertain and host BBQ's or add a pergola and have an outdoor living area, there is a storage building on the side of the house that has electricity. There is additional parking next to the house, so you have plenty of room for multiple vehicles to park in the driveway. The roof was replaced 2 years ago, and the foundation has been repaired with a lifetime transferable warranty.
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.
