****** Professional Photos Coming ******* Nestled on a sprawling 2.01-acre lot in a serene rural setting, this charming 3 unit farmhouse-style residence offers a perfect blend of comfort and functionality. With 9 bedrooms and 3 full bathrooms, this home is designed to accommodate a variety of lifestyles, making it an ideal retreat for those seeking space and tranquility. Step inside to discover a warm and inviting interior featuring carpeting and durable vinyl flooring throughout. Natural light pours in, enhancing the cozy atmosphere, while ceiling fans circulate gentle breezes, ensuring comfort year-round. An attic provides additional storage or potential for creative use, adding to the home's versatility. The exterior of the property is equally impressive, showcasing aluminum siding that complements the farmhouse aesthetic. Enjoy evenings on the charming porch, perfect for sipping morning coffee or unwinding after a long day. The property is equipped with secure storage options and outbuildings, including a barn and a detached garage with space for up to four vehicles, catering to all your storage and hobby needs. For equestrian enthusiasts, this property is a dream come true. With amenities, including astable, you can easily care for your horse right at home. The cleared, level lot features a spacious front yard and a rear yard that invites outdoor activities, while the picturesque views of the surrounding pasture create a peaceful backdrop for your daily life. Parking is a breeze with a circular concrete driveway, providing easy access for you and your guests. The rural location offers a sense of privacy and tranquility, while still being conveniently accessible to nearby amenities. This property is not just a house; it's a place where memories are made, and dreams take root. Experience the charm and potential of this unique farmhouse and make it your own. This home could remain the 3 units it is currently or transformed into the large farmhouse of your dreams.
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.
