Welcome to your low maintenance, high comfort home base near NAS Pensacola and Navy Federal, where the commute is short and the ''I forgot my badge'' trip is not a crisis.This 3 bedroom, 2 bath home delivers an easy, open split floor plan that actually works for real life. The living room is centered around a cozy fireplace with built in surround sound, so movie night, game day, or ''Spotify and chill'' are all covered.The kitchen opens directly to a 10 by 14 screened porch, which is perfect for morning coffee, evening breezes, and judging the weather without committing to going outside. Refrigerator, stove, and dishwasher are all included, so you can move in and cook on day one or at least pretend you will. The primary suite is tucked away for privacy and features a walk in closet and a garden tub that pairs nicely with a long day at work and a locked bathroom door. Major systems are already handled for you. Roof and HVAC are both about 5 years old, you get energy efficient gas heat, a tankless water heater, gutters, keypad garage entry, and upgraded lighting and fixtures that keep things bright without feeling basic. Outside, you have lawn irrigation and hurricane shutters. The neighborhood has a modest HOA at about 215 per year, covering grounds keeping and management, and there is no flood insurance required. Call the listing agent directly for your showing today!
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.
