Located in the desirable Aspendale Village neighborhood of Stonebridge Ranch, there’s a fabulous two-story home with a flexible floorplan that’s made for modern living. Set across the street from Nesbitt Park with indoor and outdoor aquatic center, sports complex and skatepark, staying active is a breeze. Not to mention the amenities offered through Stonebridge Ranch - walking trails, parks, pickleball and tennis courts, and a highly anticipated community pool renovation. Inside the home, you’ll discover an updated eat-in kitchen which opens to the main living area. A built-in bench allows for an out-of-the-way breakfast table while the breakfast bar is perfect for a quick snack. A custom island is the epitome of function while the timeless, marble-look mosaic backsplash elevates the space. A coffee corner, spacious pantry and effortless layout create the perfect place for dining and gathering. The dedicated office at the front of the home is drenched in rich, aquamarine and offers french doors for privacy. Upstairs there’s an oversized playroom perfect for kids and game day, a media room that doubles as a second office or workout room and a fifth bedroom with ensuite bathroom ideal for an au pair, multi-generational living, long-term guests or older teens that need a little space. The backyard is fully landscaped with a recently extended covered patio primed for an outdoor kitchen or TV. Over the past few years the owners have added meaningful updates like the custom kitchen with replaced countertops, backsplash, island and freshly painted cabinets. The downstairs HVAC has been replaced and upgraded, anda whole house air filtration system installed. Owned, discrete solar panels offer energy efficiency, the carpet upstairs has been replaced, and the upstairs dormer has been freshly painted. All the charm of McKinney plus the benefit of highly sought after Frisco ISD. This home truly is the one.
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.
