Charming 1 1/2 story home offering comfortable living with 2 bedrooms plus a versatile FROG (Finished Room Over Garage) that can easily serve as a THIRD bedroom. Enjoy the convenience of 2 full baths. Recent updates provide peace of mind: a 4-year-NEW roof, a 2-year-NEW HVAC system, and a 3-year-NEW hot water heater.The real magic of this home lies in its peaceful setting. Before even entering, you will be drawn to the inviting front porch, a perfect spot to enjoy the quiet and tranquility of the surrounding lot. Imagine the gentle breeze, the scent of blooming flowers, and the sounds of birdsong as you sip your morning coffee.This home's convenient location puts you within easy reach of all life's necessities and pleasures.A quick drive will take you to grocery stores, pharmacies, the hospital, post office, and schools. Enjoy a variety of dining options, explore local shops, and experience nearby attractions - all just minutes from your doorstep. As you enter, the warm and welcoming living area unfolds before you, leading naturally into the heart of the home - the kitchen. This design fosters a sense of connection and makes it easy to enjoy time with family and friends. Enjoy the ambiance and warmth of a wood-burning stove fireplace in the adjacent family room, creating a comfortable and inviting space." Enjoy your meals in the delightful breakfast nook, where a picturesque window frames a beautiful view of your private backyard oasis. The spacious master suite boasts dual sinks, ample closet space, a garden tub, and a ceiling fan for ultimate comfort and relaxation. The second bathroom in the hall offers a convenient stand-up shower. Step out onto the backyard retreat's porch/deck, perfect for barbecuing and enjoying the shade of mature trees. You will also find a workshop, shed, and barn, providing ample storage and workspace. The property is enclosed by a combination of wood and chain-link fencing for added privacy. The converted garage is a valuable addition to this home, featuring an outside entrance and a window that brings in natural light. A vapor barrier was installed a few years ago to help protect the crawl space.
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.
