Sitting on more than half an acre, this 4 bedroom, 2.5 bath colonial is ready for you to call it home! Welcome to 6389 Tara Drive! An oversized concrete driveway provides ample parking and greets you as approach. Head up to the covered front porch and thru the double doors and let's take a look! The spacious foyer welcomes you in as double coat closets beg you to stay a while. The formal living room has plush carpet and large windows to let the natural light pour in. The formal dining room is done in a moody and deep red enhancing the cozy vibe. Step into the kitchen where meal prep is a joy! Stainless steel appliances mingle with ample white cabinetry, bamboo flooring, pantry storage, and a stone backsplash to make anyone in your home feel like a 5 star chef! Just beyond is the family room with a gas fireplace, bamboo flooring, and access to the huge backyard and gigantic Trex deck! Garage access and an updated powder room complete the main level. Upstairs an oversized main suite is sure to impress with plenty of space for all your furniture, a walk in closet and private bath. 3 more large bedrooms with loads of closet space join another full bath with dual sinks round out this level. The basement is the perfect place to kickback and relax with luxury vinyl flooring and plenty of room for your favorite people. Laundry services, mechanicals, and storage space can also be found on this level. What are you waiting for? Call today for your personal tour!
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.
