Welcome home to 7616 and 7620 Green Rd. This unique and one of a kind property doesn’t just include one home, but TWO immaculate homes sitting on just under 5 acres! Perfect for in-laws, multigenerational living or generating income. But that’s not all, the property also includes a detached 3 car garage/ workshop that is 1204 ft.². The main single-family home is 4 bedrooms and 2 bathrooms with a 2 car attached garage and is 2121 ft.² under air. It features an inviting front porch overlooking the beautiful property. The kitchen is spacious and updated with wood cabinet’s, granite countertops, tile backsplash, stainless steel appliances, reverse osmosis drinking water system under the sink, and a walk-in pantry. The living, dining, and kitchen are open concept with vaulted ceilings and offers plenty of space for entertaining. There are French doors that lead from the living room area to the bonus room/ 4th bedroom with an oversized walk-in closet with lots of shelving. The primary bedroom has trey ceilings, hardwood floors, and a large walk-in closet. The en suite bathroom has dual sinks, a garden tub, and a large tiled walk-in shower. The other two bedrooms and bathroom are located on the other side of the home. The sellers just added a beautiful deck in the back with an above ground salt water pool. The second home located on the property is a 3 bedroom, 2 bathroom, completely renovated 1152 ft.² manufactured home built in 1992. This home offers a front screened in porch and a back open deck just past the indoor laundry room. It also includes wood cabinets, granite countertops, and stainless steel appliances in the updated kitchen. Attached at the end of the garage/workshop is a carport and a screened in garden area. UPDATES include newer AC’s on both homes in 2022, newer roofs on main home and workshop 2023, new water softener, new siding, and new windows on manufactured home done in 2023. The property also has mango, banana, elderberry, lemon, lime, Mulberry and Jamaican cherry trees.
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.
