Magnificent in Magnolia, 802 Rustic Way offers the kind of space, flexibility, and everyday ease that makes life feel lighter. With 4 generously sized bedrooms, 2 full baths, and a layout that balances open gathering spaces with privacy where you want it, this home lives larger than its 1,577 square feet suggest.Arched details welcome you in, while high ceilings and a spacious open-concept living, dining, and kitchen area create the true heart of the home. The kitchen is both stylish and practical with designer navy blue cabinetry, thick granite countertops in timeless black and white, electric cooktop and oven, refrigerator that conveys, designer hardware, and a motion-sensing pantry light that makes daily life just a little easier. Lutron dimmer switches and LED lighting throughout the home add both efficiency and ambiance.Two secondary bedrooms share a full bath at the front of the home, while a third bedroom is ready to flex as a guest room, office, or workout space. Privately set at the back of the home, the primary suite enjoys peaceful views of the backyard and offers abundant natural light, an oversized shower, double sinks, generous linen storage, and a large walk-in closet.Out back, the oversized fenced yard is a standout feature with room to relax, play, garden, or dream bigger. Rustic backs to municipal property, creating a beautiful tree-lined backdrop in place of rear neighbors. Out front enjoy easy access to the Magnolia neighborhood trail leading to the elementary school, parks, playgrounds, and nearby sports practice fields.Even the garage has been elevated with an epoxy floor finish, adding a polished, easy-care touch to this already thoughtfully upgraded home. Magnolia is known for its resort-style community pool, neighborhood events, food truck rallies, monthly market, and strong sense of connection. Beautiful Rustic is only for the discerning buyer looking to have it all And leave money in the bank when you are lucky enough to snag the keys.
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.
