Nestled in the charming Gray Manor neighborhood, this exquisite Colonial-style residence offers a perfect blend of classic elegance and modern luxury. Originally built in 1943, this home underwent a major renovation in 2006, transforming it into a stunning retreat that embodies comfort and sophistication. As you step inside, you are greeted by an inviting open floor plan that seamlessly connects the living spaces, creating an atmosphere perfect for both relaxation and entertaining. Natural light pours in through thoughtfully placed windows, enhancing the warm ambiance throughout the home. This residence boasts four generously sized bedrooms, including a convenient entry-level bedroom that offers flexibility for guests or a home office. The primary suite is a true sanctuary, featuring an en-suite bathroom that exudes luxury with its modern fixtures and finishes. Each bathroom in the home has been meticulously designed to provide both style and functionality, ensuring comfort for all. The main floor laundry adds to the convenience of daily living, making chores a breeze. The property is in very good condition, reflecting the care and attention it has received over the years. With a total finished area of 2,072 square feet, there is ample space for everyone to enjoy their own retreat. Outside, the home is complemented by a detached garage and a driveway, providing plenty of parking options. The 0.2-acre lot offers a manageable outdoor space, perfect for gardening or enjoying a quiet moment in the fresh air. This property is not just a house; it's a lifestyle. Experience the charm of Gray Manor, where you can enjoy the tranquility of suburban living while being just a short drive away from vibrant city amenities. This home is a rare find, combining timeless architectural beauty with modern luxury, making it the perfect place to create lasting memories. Embrace the opportunity to make this exceptional residence your own and enjoy the exclusive lifestyle it offers.
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.
