Cozy and bright! This traditional stone 3-bedroom, 2 bath, 2378 sq ft home is nestled on a corner lot with views of North and South Birmingham Circle and West Charlotte Lane. Step into the front door onto the tile flooring with beautiful lighting. On the left is a large formal dining room with wood flooring. On the right are beautiful French doors that lead to the office with a beautiful chandelier. Keep walking North up the hallway, to the left reach the main bedroom with high ceilings and a large main bathroom with a separate shower and garden tub. There are two sink vanities, a linen closet, and walk-in closet. The kitchen is at the North East End of the hallway. It has tile flooring, tile backsplash, a walk-in pantry, oven with stove top, microwave, garbage disposal, dishwasher, lots of cabinets for storage. The sink area counter top is open to the eat-in area. There is plenty of room to pull up bar stools along the counter top/ bar for dining or serving food. The eat-in area is large enough to host a table for 8. The living room has wood floors and a wood burning fireplace with mantle on the North East side of the home. The spacious flooring will accommodate either two sofas or a large sectional and many more items. Walking from the living room to the hallway on the East side of the kitchen are two bedrooms, perfectly portioned for a comfortable queen size bed and more in each. The second bathroom is in the East hallway diagonally across from the bedroom 2 and bedroom 3. The East hallway leads to the garage. The two-car garage is finished with plenty of space. It hosts the hot water tank and whole home water softener system. The backyard faces North and host a storage shed. The back of the home has a covered patio. Savannah Heights subdivision is very popular subdivision with trees and sidewalks that is within close proximity to Seaton Hospital, Walmart, Target, Market Heights, Purser Park, YMCA and many more businesses.
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.
