Welcome to this newly renovated home. It is a 3 bedroom 2 bath home. It is a single story home, with an open floor plan, gorgeous tile throughout the home. Modern kitchen with a lighted walk- in pantry. You have a beautiful kitchen island with quartz countertops throughout the kitchen. Appliances are are about a year old. The cabinets have self-closing doors. The rooms are spacious and have mirrored closet doors. You have a front porch area to add your patio furniture and with a nice, large yard area to have a beautiful garden. There is plenty of parking in the driveway to park 2-3 cars in addition to all the street parking that is available. The city streets are wide. The house has access to the backyard on both sides of the house. You can open one of the side gates and park your vehicles in the back. The backyard is huge, with a covered patio that has a built-in barbecue grill, counter and small faucet. There is a ceiling fan and a tv mount and tv setup. It’s the perfect place to host your parties and enjoy all your sports while barbecuing. Next to the patio cover is a large cemented patio area to put in your portable basketball court. There is a shed on the side of the house for all your storage. Next, you still have plenty of land to have your pets, possibly add an ADU (buyers to do their own research with the city), or start your small orchard or gardening projects. There are infinite possibilities for the space. You will enjoy this home where you can entertain all your family and friends. All the schools are nearby. It is next to a lot of eateries and prime shopping locations.
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.
