Welcome to 705 Leo Street in the heart of Waterloo! This charming full-brick ranch blends character, comfort, and a location you’ll love. With 3 bedrooms and 2 baths, this home offers the perfect balance of cozy charm and functional living space. Step inside to a spacious, tastefully updated living room featuring beautiful plaster crown molding and an easy flow into the dining area, ideal for everyday living and entertaining. The eat-in kitchen showcases stylish painted cabinetry, gorgeous solid surface countertops, warm wood accents, and all appliances included. Just off the dining area, step outside to your oversized covered patio and fully fenced backyard complete with a storage shed, perfect for gatherings, pets, or simply enjoying a quiet evening at home. The main level features three generously sized bedrooms with great closet space and a large full bath with abundant storage. Downstairs, the partially finished lower level expands your living options with a comfortable family room, office area, ¾ bath, and an impressive rec space with bar, the ultimate spot for hosting game nights or relaxing with friends. Additional highlights include a 1-car attached garage, durable brick exterior, and a location within walking distance to the shops, restaurants, and entertainment of downtown Waterloo. Located in the highly regarded Rogers Elementary district, this home checks all the boxes. If you’ve been waiting for a move-in ready ranch with charm and space in a prime location, this is it. Live where you love! Information pulled from various sources. Buyer to verify all MLS data.
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.
