COMMERCIAL/INDUSTRIAL ZONED!! Location for sure! With this large plot totaling 2.63 acres, you are off the main highway (Rt 462), but close to all amenities of anything you need or destinations you want to visit. Home built in 1975 offers 2219 sq ft and garage is 4000 sq ft (M/L)(built in 2021), to use for your needs!! This raised ranch home offers space to grow,...with 3 bedrooms /1.5 bath on the main level and 1 bedroom and a new full bath with radiant heat on the LL. The main level has a large LR, DR, and eat in kitchen. The LL also offers the Family room, a 2nd room that is now an office or could be another bedroom, and the laundry / mudroom. Much of the house garage turned into more living space. The Large covered deck off of the DR is now updated and there is a walk out patio underneath, accessed from the LL FR. Ring door bells, security system, and remote electronic locks, pool & all equipment including a robo vacuum. In 2021 the Owners had a 50' x 40', 2 story garage/facility built, where the family prepares for their catering business. It has a foundation and stick built wood construction. 2" x 6" insulated walls. The upstairs interior walls are 6" with soundproofing and solid core doors. The roof has the elephant wrap instead of tar paper. Then on the interior of the roof, there is a 1-1/2" air gap followed by sealed foam board and then insulation over that. That way, if the roof would ever leak, it would hit the foam board and run out the eaves. The air gap also keeps moving air to help insulate and dry things out to avoid any mold. The HVAC is in the attic space that is a conditioned space so no loss of heat or air from the outside. The garage has heat and C/A and storage galore. There is a prep kitchen in the LL on one side and the parking side includes a climbing wall, basketball hoop, parking & an overhead garage door and more. The 2nd floor with separate side entrance offers a huge open area for offices, meeting rooms, play room, and additional 2 rooms, full bath, game room and storage room. The garage has 5 rooms up and kitchen, powder room, utility room, and garage area. down. This garage was built for family business and convenience. So many possibilities that you can use this large garage/ building for! Commercial/Industrial zoned!!! The Owners have updated the primary home and garage in many areas, and are still making upgrades and have hooked up to the public gas also. Must see!!
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.
