Welcome to this spacious South Mentor colonial designed for real life — where room to spread out, gather together, & grow into the future truly matters. Set on a generous .52-acre lot with a shadowbox privacy fence & direct gated access to Hopkins green space & Kreuger Park walking trail, this home offers a rare combo of indoor flexibility & outdoor freedom. An oversized front porch sets the tone as you step inside to find a layout ideal for busy households, remote work, & entertaining. The expansive great room is filled with natural light from large windows & anchored by a wood-burning fireplace, offering plenty of room to create multiple living zones. The eat-in kitchen features granite countertops, updated flooring, a butcher block island & newer appliances (dishwasher, refrigerator, oven/range, & hood – all 2022) — perfect for everyday meals or hosting family & friends. Just off the kitchen the vaulted Florida room provides a bright, relaxing space for reading, playtime, or casual gatherings from spring through fall. Upstairs you’ll find 4 bedrooms & 2 full baths, including new carpeting throughout the second floor (21). The finished lower level offers flexible bonus space for a rec room, home office, workout area, or guest space, complete with a custom-made wet bar added in '22 — adapting easily to your changing needs. Recent improvements include entire interior walls & ceilings freshly painted (24), wainscoting in the dining room & foyer (24), newer double-paned windows, oak trim & moldings, updated flooring throughout much of the home, & a newer patio door. Major mechanical updates provide peace of mind, including a new A/C unit (22), furnace (20), hot water tank (17), & hot water circulator (23), plus a power garage door opener (22). The home’s size, layout, & location provide an exceptional opportunity to build long-term value in a sought-after Mentor neighborhood. This is a home built for everyday living — with room to make it your own.
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.
