Potential buyer savings with an assumable 2.5% VA loan for qualifying buyers. Welcome to 6950 Grande Vista Way S, a beautifully updated concrete-block home tucked inside Pasadena Isle. This residence blends comfort and thoughtful upgrades in a setting built for everyday living and memorable entertaining, sitting on just under a quarter of an acre. This tropical coastal retreat is framed by palm trees with a bridge leading you from curb to door, showcasing a newly remodeled home. As you enter, you’re greeted by a bright, sunlit room with wood-plank tile that flows seamlessly throughout this open, split floor plan. At the heart of the home, the remodeled kitchen offers clean lines, plentiful storage and refined finishes including custom built soft-close cabinetry, quartz countertops, Cafe appliances and an island that seats three. The kitchen flows seamlessly into the dining and living room, perfect for gathering or everyday living. Retreat to the primary suite, with a large newly updated on-suite bath with direct laundry access and walk in closet. On the other side of the home, this split floor plan includes two generously sized bedrooms, both with large closets, along with a beautifully updated guest bath and two linen closets and a walk-in coat/entry way closet. Head outside to the back yard and pool area, surrounded by palm trees, enjoy Florida gardening with several planter beds already in bloom. The two car garage has extra depth and storage—ideal for a home gym or workshop as well as a Tesla charging station. This residence has undergone extensive updates and restoration, providing modern systems and peace of mind for the next owner. Improvements include a new roof (2023), solar panels (2023), hurricane-rated windows (2020), hurricane rated doors (2022), hurricane-rated garage door (2022), tankless water heater (2021), updated electrical panel (2025), newer HVAC system (2018) and new pool pump (2024). All the convenience of island living just minutes from Gulf beaches, local dining, and downtown St. Petersburg’s vibrant arts and culture.
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.
