Country Road... Take Me Home! You're not going to want to miss this fantastic four bedroom, two and a half bath single-level home, set at the back of a sprawling one-acre parcel. Mature landscape and lovely views surround the home, which includes a great backyard with lots of concrete patio area (including an area pre-plumbed for an outdoor kitchen), and a large lawn for children to play. The backyard is completely fenced for pets as well. Inside, you'll find vaulted volume ceilings, recessed lighting, and a large great room accented by a gas fireplace. There is also a formal dining room (could be a den?!), as well as an informal dining and breakfast bar adjacent to the thoughtfully designed and well-appointed kitchen. A large laundry/mud room and adjacent half bath are conveniently located between the finished two car garage and the kitchen. Storage in this home is abundant, with two walk-in closets, two hall closets, linen cabinets in the two full baths and even an large attic area over the garage with a pull-down ladder for convenient access. A roof-mounted solar array keeps PG&E costs at a minimum, and paved roads lead you from your garage all the way into town. Be sure to ask about the $7,500 decorator allowance, which can be used toward updating flooring, paint, or even buyer closing costs. If the Country Life has been calling, you won't want to miss this call!
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.
