Step into this impeccably maintained 3-bedroom, 1.5-bathroom split-level gem in Garfield Heights, that's expected to move quickly! From the welcoming foyer, the layout flows seamlessly into a spacious, sun-drenched living room and formal dining area. The heart of the home features a beautifully updated eat-in kitchen that overlooks a charming "great room," creating an effortless open-concept feel, which is perfect for entertaining. Just off the lower living area, is a convenient half-bath, which can serve guests perfectly. Slide open the glass doors to enjoy a private, fenced-in backyard; your go-to spot for crisp spring mornings and warm summer nights. The lower level offers a versatile, massive family room and/or office space; complete with a dedicated laundry area and ample room to spread out. When it's time to unwind, retreat to the upper level where three comfortable bedrooms are tucked away for maximum peace and quiet. This home is nestled in a sidewalk-lined community, and is truly move-in-ready, designed for modern living! It has many updates including a new roof, windows, and hot water tank within the last 5 years, and a newer furnace within the last 10 years. It's perfect for the first time home buyer, or for a growing family, with it's welcoming features, ready for your first set of memories. Don't wait; schedule your tour today and see why we believe this beauty won't stay on the market for long!
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.
