Newly listed Trinity Falls with a 2.625% assumable FHA loan! Fabulous 1 story on quiet cul de sac street. Flex plan with 4 bedrooms, office with double French doors and formal dining. Fresh interior paint, new carpet, extensive wood flooring. Kitchen features a large island, gas cooktop and French door fridge. The primary suite is adjacent to the flex or 4th bdrm, perfect for nursery, 2nd office or workout space & has a garden tub and spacious walk-in closet. The backyard is a standout with private 16x12 pergola covered patio with extended fire pit area. 240V 50amp EV charging, WiFi thermostat and Ubiquiti UniFi doorbell included. Trinity Falls, a vibrant 2,000-acre master planned community where natural beauty and exceptional amenities combine to create a spectacular lifestyle. Just minutes from downtown McKinney shopping, dining and fun, Trinity Falls offers open green spaces, a 350 acre nature park with miles of winding river frontage, forested trails and opportunities to connect with neighbors and friends. There is something for everyone at The Lodge with its pool, fitness room, event space, and catering kitchen. The Club with its beach-entry pool, splash pad, grilling area, tricycle track and playground. The Old Joe Dog Park provides canine fun in the sun. Combined with engaging amenities and a robust activity calendar, there is ample opportunity to connect. Fishing lakes, an amphitheater for special events and even an 18-hole disc golf course. Nearby is Basecamp, offering residents another splash pad, playground and outdoor pavilion that plays hosts to concerts and other activities. Top rated McKinney schools and Frazier Elementary within the neighborhood. Live the Trinity Falls resort lifestyle every day. Fridge and washer dryer to remain. AC and HWH original, roof 2023. Loan balance for assumption-approx $258,748 and up to 90 days to close with Rocket Mortgage.
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.
