Pull up the horseshoe driveway and just sit for a second. Almost two acres of gently rolling land, mature trees, and the kind of quiet you don’t realize you’ve been missing. Filtered light, open sky, and a creek winds through the property. This isn't "that yard" with perfect landscaping think more of a Metro Park vibe that's all your own. Vaulted ceilings, interesting roof lines, mid-century beams that architects would charge you a fortune to replicate today, a wood-burning stove, and rooms big enough to actually live in. The living room soars. The family room opens to the yard and there are panoramic tree views from most windows. Built in 1965, this is the real thing, genuine mid-century modern architecture at a moment when that aesthetic is genuinely hard to find. The vaulted ceilings and exposed beams weren't a trend then, and they're not a trend now. The best architecture just happens to age beautifully. And here's the honest part: it needs some love. The updates haven't happened yet and THAT's the opportunity. One of the full bathrooms is waiting on repairs and your cosmetic touch before it's back in rotation. But the roof was replaced in 2017, a new well dug in 2016, the septic replaced in 2014 — so the expensive, invisible and important stuff is already handled. What's left is the fun part. Paint, fixtures, finishes. Your personal HGTV episode waiting to happen in Chagrin Falls schools. On a quiet street where the neighbors take their properties seriously. This home is waiting for your vision. The fixtures, the finishes, the colors, the flooring--consider this your canvas. And when the work is done, you will walk out onto nearly two acres and you'll understand the real masterpiece was never just inside the house. Andy Warhol said it best "Land really is the best art.” And that is what living in the Chagrin Valley reminds us of everyday. Selling as-is.
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.
