Welcome home to this beautifully updated Craftsman-style residence, where charm, comfort, and location come together seamlessly. From the moment you step inside, you're greeted by an inviting open-concept floor plan designed for both everyday living and effortless entertaining. Soaring ceilings in the spacious living room create an airy, welcoming atmosphere with plenty of room to gather with family and friends. The heart of the home is the thoughtfully designed galley-style kitchen, featuring abundant cabinetry, generous counter space, elegant quartz countertops, and stainless steel appliances. Luxury vinyl plank flooring flows throughout the home, complemented by fresh interior paint and quartz countertops in every bathroom, creating a clean, modern feel from room to room. Retreat to the spacious primary suite, a peaceful sanctuary complete with a double vanity, beautifully tiled walk-in shower, and custom built-ins within the walk-in closet for added organization and convenience. Two additional bedrooms provide flexibility for guests, a home office, or growing families. The entertaining doesn't stop indoors. Step outside to a fully fenced backyard offering endless possibilities for outdoor enjoyment. The double-gate side entry and large concrete pad create the perfect space for hosting gatherings, grilling with friends, setting up a basketball goal, enjoying a game of pickleball, or simply relaxing under the Florida sunshine. An exterior storage room provides additional space for tools, beach gear, and outdoor equipment. And then there's the location. Location truly is everything with this home. Situated in the heart of downtown Pensacola, you'll enjoy the convenience of being within walking distance to local restaurants, shops, entertainment, festivals, waterfront parks, and all the vibrant experiences that make downtown living so desirable. Whether you're looking for a place to call home or a property that puts you close to the action, this one checks all t
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.
