[ Assumable 2.25 VA loan, lender conditions apply! ] Over 3,000 square feet: 3 bedrooms, 3 full bathrooms + office + sunroom + parlor + sitting room in the primary! Flexible living is abundant here, but so are the security essentials: whole home generator + an insulated and conditioned garage! The list goes on. ''Calm and serene'', the words everyone uses when they walk into this home. You'll feel it immediately. Upon entering from the charming front porch, you'll be greeted by a welcoming parlor room, perfect for reading or coffee. The downstairs unfolds with an abundance of flexible living space just beyond the kitchen and living. Private formal dining is tucked neatly beside the kitchen, then you're pleasantly surprised a sunroom facing the pond and a versatile office or flex room that adapts to your lifestyle. The heart of the home features modern conveniences, including a gas range, wood-trimmed pantry, granite countertops (look closely to see the semi-precious gemstone, Labradorite embedded in the granite!), double stacked upper cabinetry, and an authentic stone hearth with propane logs. Climb the iron detailed stairwell to the upper level and discover three thoughtfully designed bedrooms, two of which offer views of the waters behind the home. The owner's suite is a true haven, flanked by a separate sitting room! Each morning, the owners suite is bathed in sunlight and is the perfect hideaway for that quiet view of the water below. For added comfort, all bedrooms feature wood-trimmed, walk in closets! Venture outside to relax in the back yard with coastal breezes. The fence installation has been taken off your task list, so you can consider this home officially move-in ready! Don't forget about the neighborhood amenities: resort pool and clubhouse, abundance of recreational courts, walking trails, boat launch, day docks, and more.
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.
