Stunning Home In BANNING LEWIS RANCH with incredible open floor plan. The natural light flowing through the picturesque windows of the main level draws you in. The front dining room is the start of an entertainers paradise. From the front room the home opens to a spacious living area with gas fireplace and surround sound, that flows seamlessly into the kitchen area. The kitchen boasts a barstool height center island, stainless steel appliances, and ample counter and cabinet space. The main level walks out to a patio and gorgeous fenced backyard that is perfect for the upcoming summer bbq season. The upper level has a loft area that is currently being utilized as a second family room. The main bedroom is just next door creating a private oasis separate from the other bedrooms. The primary bedroom has barn doors leading to the ensuite bath featuring a large walk in closet, gorgeous stand alone shower, and double vanity. The upstairs also has bedrooms two, three, and four with a full bath. Part of this homes wow factor is the basement family room with games galore. The space currently has multiple games including pool, shuffleboard, darts, foosball, and air hockey which can easily be replicated with the same layout or utilized in myriad other ways depending on needs. The basement is also roughed in for a fourth bathroom. This fabulous home is located in the Banning Lewis Ranch community with amenities galore. Walking distance to school, hiking/biking trails, pools/parks. Community includes pickle ball courts, dog park neighborhood schools, over 65 acres of parks/trails/open space, tennis courts, basketball court, rock climbing parks, zip-lines, access to pools, splash pad, water park, and dog park. Recreation center houses a fitness center and also regularly hosts classes and events for all ages. In the summer months, catch a neighborhood concert, festival, food trucks, farmers market or enjoy other regular community events. This community has it all.
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.
