Just a short drive from "The First Mountain City" you'll find the BEST mountain views here on Young Loop. This 1.98 acres has everything you need to make all your homesteading dreams come true. The cozy country cottage 2 bed/1 bath home has newly refinished hardwoods throughout. The primary bedroom has a massive closet and dressing area with lots of natural light that would make an excellent vanity area for getting ready in the mornings. The large living room has a perfectly placed picture window that provides a view you have to see in person to understand how special it is! (We've tried to show you in the pictures but trust us, in person is much more impressive.) Just off of the living room is a separate dining room that leads to the kitchen featuring stained cabinets with tons of storage to include a lazy susan, open shelving for additional storage and a door to the mudroom/laundry room. The backdoor leads you out to a brand new back deck and a spacious, flat backyard. The side yard is also flat, is partially fenced and is just the place for a garden or to let your animals roam. The outside spaces will not disappoint. Previous owners had livestock in the pasture that adjoins the barn/shop. The barn is currently split into two sections with one side storing large equipment and the other setup as a workshop. Both power and water are in use at the barn/shop so everything is already here for you to tinker, store or create to your hearts content. There is plenty of room for livestock, campers, boats, tractors, etc. This may be a smaller house but the possibilities are huge! The land lays beautifully so future additions are possible if you want to add onto the home. The Sellers are also leaving you a storage shed with built in shelves so in addition to the barn/shop you will have a second outbuilding to sprawl out into. Come fall in love with the simpler life in Fairmount. There is so much privacy here and yet not too far from town.
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.
