Rare assumable loan opportunity potential for significant monthly payment savings compared to current rates. Contact agent for details. This beautifully appointed home blends peaceful surroundings with elevated, modern living. Enjoy breathtaking sunsets that stretch for miles, with the lake just a short walk away. Step inside to a thoughtfully designed layout filled with natural light from expansive windows, showcasing quality craftsmanship throughout. You’re welcomed by a striking wrought iron staircase and elegant tile flooring, along with a convenient powder room for guests. The spacious living area features soaring ceilings and an open concept design that is perfect for entertaining. The kitchen is truly the heart of the home, offering a large island with breakfast bar, gas cooktop, built in microwave, stainless steel appliances, quartz countertops, pendant lighting, a pantry, and a stylish honeycomb tile backsplash. The downstairs primary suite provides a private retreat, complete with a luxurious en suite bathroom featuring double vanities, a walk in closet, soaking tub, and walk in shower. Upstairs, you’ll find two generously sized bedrooms, a full bath with extended vanity and tub and shower combo, plus a versatile loft and media room that can be used as a home office, gym, playroom, or movie space. Step outside to a covered patio and a thoughtfully designed backyard with a walking path leading to a sitting area. The yard is partially fenced with a gate, making it great for pets or gardening. Mature trees from the neighboring property provide added shade and privacy. The community offers a wide range of outdoor amenities including a private dock and boat launch, over a mile of shoreline, fishing, swimming, trails, playscapes, and more, making it ideal for an active lakeside lifestyle. With its prime location and upscale features, this home delivers the best of comfort, style, and nature.
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.
