**RARE LOCATION** Cottage Style home located on Large Corner Lot that backs to Preserve in Schooner Landing. This beautifully maintained 4-bedroom, 2-bath home is newly painted throughout, completely move-in ready, and offers an unbeatable combination of privacy, space, and resort-style living.Set on an oversized corner lot, the home features a large, manicured backyard with tranquil preserve views, creating a true backyard retreat. Inside, 1,661 sq ft of thoughtfully designed living space shines with a flexible layout ideal for today's lifestyle. One bedroom is positioned at the front of the home, perfect for a home office or creative space, while the primary suite is privately separated from the additional bedrooms, offering a peaceful escape. Outdoor living is a highlight with a screened back porch and paved patio, ideal for entertaining, relaxing, or enjoying the serene natural backdrop. Located just moments from a community pool, Hammock Bay's world-class amenities, and the community general store, this home delivers exceptional value. The monthly HOA includes basic TV cable, access to multiple pools, fitness center, clubhouse, movie theater, tennis and basketball courts, playground, and the Bay Club with fishing pier. Schooner Landing also includes a full landscaping program, covering mowing, fertilizing, mulching, and irrigationso every yard stays pristine year-round. Residents enjoy the Lake Club and bay-view clubhouse, resort-style pools, scenic trails, parks, dog park, fishing ponds, chipping green, and an energetic calendar of community events. All of this is just 30 minutes from the white-sand beaches of South Walton. Homes with this level of location, lifestyle, and value are rare.
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.
