Open House Saturday, May 9, 3-5 pm. Come take a look at this charming Cottage nestled in one of Augusta's favorite neighborhoods on the edge of Summerville, this light-filled 2-bedroom, 1-bathroom cottage is a rare find - full of character, privacy, and thoughtful updates, all just 2 miles from downtown Augusta. Sit on the front porch and watch the world go by or disappear into your own private backyard oasis - complete with a fully enclosed yard, patio, fire pit, storage shed/workshop, and your very own koi pond. Whether you're entertaining or unwinding, the outdoor space is a true retreat. Inside, hardwood floors run through most of the home, and big windows flood every room with natural light. The spacious living room is the kind of place you actually want to spend time in. Both bedrooms are generously sized, dark, and quiet - ideal for restful sleep. The kitchen offers plenty of counter and cabinet space, and the bathroom comes equipped with a Bluetooth speaker fan to help get your day started right. A newly repainted and updated bonus room serves as a flexible laundry room, storage space, and home office - bright and functional. Additional storage in the attic. The long, fully paved private driveway (parks 3-4 cars) adds to the sense of seclusion, and the home sits elevated from the street for added privacy. The HVAC is 7 years old, there is under-home insulation, the driveway was paved 5 years ago, and the metal roof is in great shape offering you many years of peace of mind. LOCATION HIGHLIGHTS: Less than 2 miles to downtown Augusta, Convenient to the Augusta Medical District, Minutes from Augusta National & Augusta University Summerville Campus, Near Lake Olmstead, Augusta Canal & the Kroc Center. Appliances remaining with home - refrigerator, stove, microwave, and Washer/Dryer. Agent is related to Seller. This kind of home doesn't come around often at this price point. If this home wasn't a bargain already, the VA loan is assumable with its less than 3% mortgage for qualified buyer. Call now to get this great deal!
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.
