LOCATION!!! This fantastic Split Level in Sheffield Lake is seconds from Lake Erie Lakefront! This 4 possibly 5 bedroom home offers so much! The main level offers a nice sized living room with woodburning fireplace, oversized front window, closet space, dining room area + lovely kitchen area! Dual opening French Doors open into a spectacular 23 x 14 Four Season Room with vaulted ceilings, perimeter windows, ceiling skylights + gorgeous woodwork! 2nd level offers 3 nice sized bedrooms with large closet spaces, updated full bathroom + storage! Down level offers an additional recreational area finished with ceramic tile, another bedroom with newer wood plank flooring + an additional Full Bath! Basement area includes laundry/utility area, + 2 extra rooms that can be converted into a 5th bedroom, storage, or room of your choice! Solid, Dry basement with Poured Concrete walls! Fully fenced in back yard with...Bonus: LARGE finished outbuilding for extra usable space! 2 car attached garage with extra high ceilings + storage space w/convenient man door to outside! Vinyl Siding! Updates include: Kitchen cabinets, finished outbuilding, fence maintenance, 2024 ROOF, hot water tank, updated 200-watt electrical panel, an added double AC unit system to basement ($10K), new sump pump, updated baths, finished lower-level bedroom. Furnace and 3rd central air unit 7 years! Move right in! Please allow advanced notice for all showings, owner occupied. Quiet Street and Close to Lake Erie, shopping, parks, restaurants, freeway access, hospitals + more! Contact listing agent with questions or to see this lovely 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.
