Stunning updated ranch in North Canton is waiting for new owners to make memories! Live like you are in an HGTV episode with the plethora of modern updates to the tune of well over $100,000! Notice the wall features with carpentry work that adds a higher level of visual interest, as you will immediately understand that this is not the everyday cookie cutter home. When you first walk in, the "wows" start to drop out of your mouth! Immediately the living room with its whitewashed wood wall feature will grab your attention, not to mention that this room has a wood burning stove with a blower for the chilly nights. Past the living room you will find a beautiful and modern dining room, again with beautiful wall features, and anchored by a stunning newer kitchen (2023). Behind the wood stove wall in the living room, you will find another spacious family room, also with it's fireplace and stone wall. On the back side of the house is an inviting enclosed patio for serving up many nights of fun and relaxation without the bugs! In addition to 3 nice sized bedrooms and 2 fully updated bathrooms, there is also a very spacious basement, already partially finished for you! But here are the $ nuts and bolts! They knew they were spending a lot of money on this home, but they did not anticipate moving to another location for work. The big items have been completed! Updates since 2023 include, new metal roof (18k), new high performance flooring (7k), updated electric (9k), new wood stove and steel chimney liner (5k), new kitchen and appliances (60k), exterior and interior painting (13k), new landscaping, and much more. HVAC was replaced around 2016. This is a home that will end up being one of the neighborhoods crown jewels. Truly unpack and fall in love with your new home.
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.
