Full of character and steady care, this 1919 Parma home has been maintained by the same owner for more than forty years. Refinished woodwork and hardwood floors highlight its original craftsmanship. The dining room features built-in cabinets, leaded glass details and a window seat. A skylight brightens the kitchen and all appliances remain. The HVAC system is serviced regularly, the hot water tank is about four years old and insulation was added to the exterior walls, roof and between floors. Replacement vinyl windows and glass block improve efficiency. Updated electric includes a new weatherhead, a new 100-amp panel, a sub panel for additional circuit capacity and a 220 spa box ready for a hot tub if a buyer chooses to add one. The basement is fully waterproofed inside and out with PVC drain tile, glass block windows and a sump pump that has never needed to run. A wood-burning fireplace converted to gas can be converted back and a new gas line was run from the home to the street. The front porch offers solid columns and a welcoming covered space. The 20x24 detached garage includes extra depth, electric, lighting and a door opener with an interior activation button. Three sides of the yard are already fenced by neighboring fences. The roof is approximately twelve years old and insulated watertight storage with lighting beneath the porch adds practical space. Most furnishings may stay or be negotiated for a turn-key move-in.
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.
