Welcome to 7929 Wellington Drive, a custom brick estate in Waterloo North Estates. Tucked away at the end of a scenic private gravel pipestem, this custom-built brick home sits on 1.99 secluded acres in the prestigious Waterloo North Estates community. Backing to hundreds of acres of protected hardwood forest, this home is a true sanctuary for nature lovers, outdoor enthusiasts, and anyone seeking privacy, tranquility, and timeless charm. Inside, the home features 3 spacious bedrooms and 2.5 bathrooms, along with a seamless combination of hardwood and tile flooring throughout. The gourmet kitchen is the heart of the home, showcasing granite countertops, a large center island, abundant cabinetry, and oversized windows framing breathtaking views of the surrounding woods. Just off the kitchen, the inviting living room features a wood-burning brick fireplace, perfect for cozy evenings. The elegant formal dining room includes arched windows and detailed custom trim, while the executive study offers a gas fireplace and refined millwork—ideal for remote work or reading in style. Upstairs, the luxurious primary suite boasts built-in closet systems and a remodeled en-suite bath with a freestanding soaking tub. Two additional bedrooms are connected by a spacious Jack-and-Jill bathroom and a private sitting room, perfect for family or guests. On the lower level, a large laundry and mudroom connects to the oversized two-car garage, while a full unfinished basement provides endless potential for expansion. The basement is pre-plumbed for a wet bar, full bath, and additional living space, allowing for a fully customized lower level. Outdoor Features: The expansive lot offers ample space for recreation or future enhancements such as a pool, garden, or outdoor entertaining areas. A natural stone patio with a built-in water feature, designed to appear as if formed organically from the landscape, adds a truly unique and tranquil focal point in the front yard. Original hand-laid farm stone walls line the driveway and property frontage, lending historic charm that predates the home’s construction. Property highlights include a new roof (2023), tankless water heater (2022), dual-zone HVAC (2024), and approval for a 5-bedroom septic system.
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.
