No HOA dues, no city taxes, and a private 1.4 acre wooded lot. If you have been searching for room to breathe right on the Raleigh and Cary border, this charming farmhouse delivers. The setting feels tucked away and peaceful, yet you are just minutes from Crossroads in Cary, close to shopping and everyday amenities, and an easy drive to several major highways. The home greets you with a huge, welcoming Southern front porch and keeps that classic farmhouse feel throughout. Inside you will find original character that is hard to find today, including rustic beams and trim details and old style hardwood floors across the main level. There are two fireplaces, a wood burning fireplace with a classic tile surround in the main living room and a decorative fireplace with built in storage in the dining room. The updated kitchen features cabinets, countertops, and stainless steel appliances, blending farmhouse character with modern function. The floor plan is genuinely functional, with three living spaces on the main level that give you the flexibility of a formal living room and a separate study, plus a first floor laundry room with cabinet storage and a utility sink and a convenient covered side entrance. Fresh interior paint runs throughout. Upstairs offers great flexibility, including a versatile bonus room that works beautifully as a home office, guest space, hobby room, or whatever your lifestyle calls for. The upstairs carpet is ready for your personal touch, giving you the chance to choose flooring that fits your style from day one. Outside, the screened porch opens to a fenced courtyard, surrounded by mature trees, a beautiful grassy front lawn, and well maintained landscaping. A storage shed is perfect for projects and tinkering and keeps your tools organized, and the long driveway provides plenty of parking. Best of all, the big items have already been handled for you, including new siding in 2023, a new water heater in 2026, a crawlspace vapor barrier added in 2022, and the water pump and shut off relocated from the crawlspace to an interior first floor closet for easy access. If you want privacy, elbow room, and a home with real character that still leaves space to make it your own, this is one to 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.
