Welcome to 5507 Skylock Drive, a beautifully maintained and thoughtfully updated 3-bedroom, 2-bath home tucked away on a quiet cul-de-sac just minutes from Downtown Raleigh! This charming home offers a perfect balance of comfort, style, and convenience — combining modern upgrades with a warm, inviting layout. Step inside to an open floor plan where the living room flows seamlessly into the kitchen, creating a bright and spacious atmosphere ideal for everyday living or entertaining. Vaulted ceilings add to the open feel, and new front entry and storm doors (2024) enhance both curb appeal and energy efficiency. The kitchen shines with granite countertops (installed summer 2024), newer stainless-steel appliances, and ample cabinet space. The dishwasher and microwave were replaced within the last two years, providing a sleek and functional workspace for any home chef. From the kitchen, the layout naturally transitions into the dining area, located at the back of the home with a view of the yard and access to the private patio — an ideal space for morning coffee, relaxing evenings, or weekend cookouts. The patio also features a new screen door installed in 2025 for added comfort and functionality. The primary suite offers a peaceful retreat, while the second bedroom features beautiful trey ceilings that add architectural character. The third bedroom provides flexibility as a guest room, home office, or hobby space — perfectly suited for modern living. This home has been lovingly maintained with valuable recent updates, including a 40-gallon gas water heater replaced in October 2024, granite kitchen upgrades (2024), and new exterior doors (2024-2025). Neutral finishes throughout make it easy to personalize and make your own. Enjoy outdoor living on the private patio and the added convenience of a double driveway, offering plenty of parking space. The cul-de-sac location ensures peace and privacy while still being minutes from city amenities. The location is truly exceptional — providing easy access to I-40, I-540, the 540 Toll Road, US-64, US-264, US-87N, and 440, all within 5-10 minutes. You're just 7 miles from Downtown Raleigh for shopping and dining and 5 miles to WakeMed Main & Heart Center, one of the area's top medical facilities. Combining a convenient location, stylish updates, and a move-in-ready condition, 5507 Skylock Drive is the perfect place to call home. Schedule your private showing today and experience this wonderful property for yourself!
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.
