This one-of-a-kind, 3-acre private home is located down a private driveway tucked away in the woods. This beautiful home is a replica of the Betsy Ross house with colonial finishes appropriate to the period, including custom wood floors with square-cut nails. The doors have brass finishes and locks as well. The inglenook fireplace of the period is functional and has both a woodstove and gas logs for warming the living room and kitchen. The eat-in kitchen boasts 2 ovens, and 2 sinks, with one of each located in the island. All the appliances are high-quality and well suited for busy family use. The open floor plan is very welcoming and great for entertaining. The rear door leads to an expansive deck overlooking the pool, yard, fire pit, private pond and mature woods. Walk around to the back of the property to find swings and a hidden playground among the trees. The main house has a brand new cedar shake roof this year, and the garage is also getting a brand new cedar shake roof. This property is an active family's dream home - acres of woods, pool, pond, playground, privacy and plenty of space to expand. This is a must-see home! There is also an additional outbuilding with separate electric service, ready to be finished into an in-law suite, office, or workshop. Septic plans are included in the listing. Please note, the seller is preparing for an out-of-state move, so there may be more personal property throughout as a family of 7 prepares kids for not only a move but one going off to college this year. This home is well-loved and well cared for and ready for your family to make your memories in! Make sure you see the enclosed video.
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.
