INSTANT EQUITY!!! EXTREMELY RARE GEM WITH ENDLESS POSSIBILITIES; RECENTLY APPRAISED FOR 425!!!!! Historic Charmer! Zoned R/O Residential/Office and located adjacent to the Belvedere Park Historic District - WALKING DISTANCE from downtown Shelby, close to Cleveland County Country Club, Atrium Health Cleveland Hospital, retail stores, and so much more! THE FIRST FLOOR: natural light EVERYWHERE! COME SEE the original, well-maintained hardwood floors; spacious and modern kitchen with granite countertops - including an extended granite breakfast bar/eating area, Samsung stainless steel kitchen appliances, huge walk-in pantry; the FIRST FLOOR also features a large main bedroom suite that includes a beautiful granite-topped double-sink vanity, over-sized closet and custom-built stone tile bathroom with shower and built-in stone tile shower bench; The SECOND FLOOR: includes a sitting area/reading nook with views of the front yard and views of the stone-lined goldfish pond; SECOND FLOOR BONUS IS ANOTHER/2nd primary bedroom with adjacent double-vanity bathroom!! ...and THREE additional bedrooms! - one with an upstairs emergency exit door with a landing and stairs; the SECOND FLOOR also has lots of additional storage space. This home KEEPS ON GIVING! There is an unfinished BASEMENT and cellar, a wrap-around porch, huge back yard with a privacy fence, garage/shop and more! MAKE YOUR APPOINTMENT WITH A REALTOR TODAY to see this AMAZING 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.
