Back on the market due to no fault of the seller. Buyer financing fell through. No inspections were ever completed. Why pay premium pricing for someone else’s cosmetic choices? This home offers strong value with many major improvements already completed, giving buyers the opportunity to update finishes at their own pace while avoiding many of the large replacement costs homeowners fear most. This is a rare opportunity to step into a home where so many important updates are already done. While many homes in this price range may appear fully renovated, they can still require expensive system replacements shortly after purchase. Here, key improvements have already been addressed, creating a solid foundation for the next owner. Sellers are also including a 1-year home warranty for added peace of mind. Improvements include new windows, new roof, new siding, 2 maintenance-free composite decks, and updated bathrooms. A wood-burning fireplace adds warmth, charm, and supplemental energy efficiency. Welcome to this 5-bedroom, 2-bath home offering approximately 1,680 total square feet of comfortable living space in the heart of Essex. The current layout includes 1 bedroom on the main level, 1 on the upper level, 1 in the basement, plus 2 additional bonus rooms currently used as bedrooms. Step inside to an inviting layout filled with natural light. Both bathrooms have been tastefully renovated, providing a fresh and modern feel. The interior still offers room for cosmetic updates and personalization, giving the next owner the ability to build equity while making the space their own. Outside, the expansive 11,300 sq. ft. backyard offers endless possibilities for entertaining, gardening, recreation, or future enhancements. Conveniently located near shopping, schools, and commuter routes, this home is packed with potential and value. All of the big-ticket items have already been done. Home is being sold as-is. Inspections are for informational purposes only.
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.
