Welcome to this Beautiful Cape Cod on 2.4 acres in Social Circle! Private and wooded lot with rocking chair front porch opening into foyer and an open concept living space. Stacked stone fireplace in cozy but large family room that overlooks waterfall and koi pond in backyard. Open kitchen with newer Frigidaire appliances and breakfast bar. Breakfast room connects to huge dining room now being used as a game room holding a pool table. This large dining room extends the rear of home that peers into back porch with pristine salt water pool, outdoor stacked stone fireplace, waterfall, koi pond, outdoor lighting, covered areas with awnings, deck, wrought iron fencing and tons of room for entertaining. Primary suite also overlooks waterfall and koi pond and has an en suite that has been totally remodeled and updated. New Soaking tub, Vanity, massive walk in Shower, new Lighting, Fixtures and Flooring. 4th bedroom converted to a huge primary closet with built INS that stay with sale of home. Secondary bedrooms on opposite side of home along with a private office. New HVAC!! NEW ROOF being installed prior to closing! 2 water heaters(one just for primary), Plantation shutters along all windows in rear of home. Lawn sprinklers too! Workshop can house an RV but now has a 10k car lift, air compressor, electrical, HVAC. It is on a 30X40 slab and has a 14X12 front roll up door and a 6X6 roll up door in back along with a single side door. Other exterior features are a separate outbuilding, underground fencing for dogs, outdoor lighting, dog run and space for an outdoor kitchen.
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.
