Owner improved this home to be her forever home, but is downsizing and must sell. Over $40,000 in improvements completed, including a newly redone lower level, updated hot water heater, and newly installed 20' x 10' Trex deck. This beautiful rancher offers the highly sought-after convenience of true main level living with three large bedrooms, a spacious living room that easily fits big comfortable furniture, separate dining area, and a large open kitchen with abundant counter space and a sink at the kitchen window. Two of the bedrooms, including the primary, are corner rooms with windows on two sides for wonderful natural light, and the third bedroom is also generously sized. The full hall bath features timeless black-and-white tilework. Additional highlights include pull-down attic storage, covered front porch, off-street parking, storage shed, and a large usable yard. The fully redone lower level creates exceptional added value with in-law suite potential, offering family room space, possible 4th bedroom or rec room, a brand new full bathroom with walk-in shower, and a separate kitchenette area with sink that offers future possibilities. Seller also had a new sewer line run through the floor for the bathroom installation, and the concrete floor was redone. Rare opportunity to purchase a thoughtfully improved home with the layout buyers want, the bonus space they need, and the flexibility that is hard to find at this price point. Schedule your tour today!
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.
