Welcome to this Rural Housing Eligible home, where timeless elegance meets modern comfort. This stunning 2,649 ft2, 5-bedroom, 2.5-bath home showcases rich hardwood floors throughout the great room and formal living room, creating a warm and inviting atmosphere from the moment you step inside. The showstopping double-sided fireplace, shared between the great room and formal living room, serves as a breathtaking focal point, perfect for cozy evenings and effortless entertaining.The open kitchen flows seamlessly into the living areas, making it ideal for gatherings of all sizes. A convenient main-floor bedroom adds flexibility for guests or multigenerational living. Head upstairs to find brand new carpet throughout, giving the second floor a fresh, move-in ready feel.The expansive owner's suite is a true retreat, featuring French doors that open into a versatile bonus room — ideal as a private home office, nursery, or additional bedroom to suit your lifestyle needs. Step outside to the spacious backyard. Sitting on a generous 0.43-acre lot, the outdoor space has the potential for endless possibilities when it comes to entertaining, playing, or simply enjoying the outdoors in your own private setting. Peace of mind comes standard here with major mechanical updates already taken care of, including a tankless water heater for endless on-demand hot water and an HVAC system less than five years old, ensuring year-round comfort and energy efficiency for years to come. On top of all of this, the garage can fit 3 cars! The neighborhood itself is just as impressive as the home. Residents enjoy access to a community pool, and the location is zoned for the highly acclaimed Lexington-Richland School District 5, known for its award-winning schools. Plus, you'll love the ultra-convenient location just minutes from an abundance of shopping, dining, and medical facilities. This is the one you've been waiting for! schedule your showing today! Disclaimer: CMLS has not reviewed and, therefore, does not endorse vendors who may appear in listings.
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.
