FINANCIAL GAME CHANGER! Why rent today's high interest rates when you can inherit a bank-approved 4.7% ASSUMABLE MORTGAGE? This gorgeous 2022-built corner-lot sanctuary in Foxbank Plantation saves you approximately $400 a month compared to standard market loans--that is nearly $140,000 in interest saved over the life of the loan! On top of this incredible rate, the seller is offering a $5,000 BUYER CONCESSION to help bridge your cash-to-close or cover assumption fees. Inside, you will find pristine luxury vinyl plank flooring, a spacious downstairs primary suite, and a stunning open-concept kitchen. The garage features a custom recreation screen, and the private backyard is complete with a beautiful gazebo. Enjoy Foxbank's 67-acre lake, resort-style pools, and fitness center.the entire layout. The main level is anchored by a sophisticated master suite designed for total relaxation. This private retreat boasts a spacious walk-in closet and an en-suite bathroom equipped with a double vanity and a grand, king-sized freestanding shower. The second floor serves as a versatile hub for work and play, offering a spacious loft alongside a dedicated hobby or office area. This level also houses two additional well-appointed bedrooms, providing plenty of space for family or guests. For those who love to entertain, the two-car garage features a clever pull-down screen that transforms the space into an airy, extended recreation zone. The outdoor living space is a true sanctuary, defined by a fully fenced backyard that guarantees a sense of privacy and security. Whether you are sipping your morning coffee or watching the children play, the patio complete with an attached gazebo offers a shaded, tranquil spot to enjoy the fresh air. This home isn't just a place to live; it is a meticulously upgraded haven waiting for its next chapter. Potential 4.7% Assumable Rate: Subject strictly to lender approval and buyer qualification. Seller and agent make no guarantees. Buyer to verify all terms.
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.
