Set beneath mature trees in an established pocket of Fort Worth, 5509 Norma Street feels like the kind of home people search for when they want character, space, and the chance to make something their own without taking on the heavy lifting of major repairs. Priced at $199,000, this 4-bedroom home offers approximately 1,218 square feet with original hardwood flooring throughout much of the house, a spacious, light-filled living area, and a flexible layout that works for growing families, first-time buyers, creatives, or investors looking for upside potential in Fort Worth real estate.The converted garage functions as a fourth bedroom or flex space and gives buyers the opportunity to finish out the flooring to match their own style and vision. The kitchen is functional and full of potential, ready for someone who wants to personalize the space over time instead of paying extra for trendy finishes they may eventually replace anyway. What truly sets this home apart is the amount of important work that has already been completed behind the scenes. The seller has updated the PVC plumbing and water lines, electrical, ductwork, AC unit, water heater, sewer system, insulation, gutters, and most windows, giving the next owner confidence in the home's major systems while still leaving room to build equity through cosmetic improvements. Outside, the oversized yard, mature shade trees, and long driveway create a setting that feels peaceful and established, with space to entertain, garden, relax, or simply enjoy having room to spread out. The neighborhood offers quick access to shopping, dining, schools, and commuter routes, while remaining just a short drive from Downtown Fort Worth and the heart of the DFW metroplex. For buyers searching for an affordable Fort Worth home with personality, flexibility, and real long-term potential, 5509 Norma Street is the kind of opportunity that is becoming harder to find.
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.
