If you spend your Saturdays searching for treasure in the form of vintage wares - you’ve got vision, and see potential when others keep walking. This is the one for you. Or maybe your Saturday passes by quickly - one step closer to having that classic [fill in the blank] restored. You don’t mind the work; it’s more fulfilling. This is the one for you. This quintessential South City brick bungalow is tucked into a quiet, one-way block of Winnebago - the kind of tight knit Lindenwood Park street that makes homeowners never want to leave. If charming and walkable are what you’re seeking, well hot dog! You’ve hit the jackpot! Walk in under 5 min to Blueprint Coffee, Donut Drive-In, + Pietro’s - and to the park in 6 min! Lush, mature landscaping greets you, and a cheery front door with stained glass welcomes you in. A proper foyer and coat closet lead to the living room, complete with hardwood floors, uniquely arched doorways, and a fireplace flanked by builtins. Loved and cared for by a single owner for over 30 years, the home has been well-maintained. Move in as-is and love it day one, or roll up your sleeves and make it your own. Rounding out the tour: two bedrooms, a full bath, and a kitchen with custom, solid wood cabinetry that's ready for your personal touch. From there, the bright sunroom leads to your personal outdoor oasis. The yard and parking are the real showstoppers, featuring a true two-car garage with additional off-street parking. Off-street parking for three or more!? Unheard of ‘round these parts! As if that weren’t enough, the overachieving garage is outfitted with its own electric service (!!!) + panel, heater, and window AC. Previously used as a woodworking shop, it's insulated, and would be the perfect, conditioned spot for all your projects! The level, landscaped backyard is ready for your BBQs and bonfires. Being sold AS-IS for $262,000. Special Sales Contracts only, please. Seller is a licensed general contractor willing to provide a renovation bid to interested parties who supply scope of work.
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.
