Come home to your Dreamy, Spacious Farmhouse in small town Bynum! Let time stand still when all your family and loved ones gather to fill this 4200+ sq.ft home located away from all the hustle and bustle but only a short 6 mile trip to 35E. Situated on a little over a half acre and crops as your back door neighbor, you will feel like you are worlds away. Catch a lazy Sunday spring breeze on your wrap around porch. Plenty of room to whip up a homemade meal in the spacious kitchen with 2 sinks, gas propane cooktop, and built in oven. Charming design throughout with warm wood accents and many spaces to create sitting and gathering areas. Downstairs has a primary room with ensuite full bath & walk in closet, additional bedroom, and half bath. Upstairs has a living area, small kitchenette with sink, and 3 full bedrooms, 1 full bath, along with several little areas that could be used for flex spaces such as studying nook or office area. All together this home has 5 bed 2.5 bath, 2 living areas, and 2 areas suitable for dining. Not a stich of carpet makes it functional for cleaning and pets! So many updates such as recently leveled, rebuilt HVAC systems, newer roof, newer tankless water heater, and newer dishwasher. The solar panels will be paid off at closing and provide monthly financial relief making this home even more affordable. Electric bills range from $100 surplus of credit to owner in mild seasons to $240 during hot and cold seasons. 2 car garage with automatic coded opener and additional storage shed. This one checks all the boxes if you're needing affordable space with many of the major components updated. Call and schedule your tour!
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.
