Sprawling country estate nestled on over 3.5 acres located in the upscale Molino Meadows neighborhood! This spacious home includes freshly painted interior, beautiful neutral tile flooring throughout for easy maintenance, crown molding in every room, & such nicely used space that there should be no problems fitting even the biggest furniture anywhere! Upon entry, the open elegance will take your breath away. From the extra-wide foyer for greeting guests to the large formal dining room for special holiday meals to the enormous living room perfect for entertaining, this home doesn’t miss a beat. The living room features stunning cathedral ceiling along w/a stylish propane gas fireplace for those cold winter nights that will be here before you know it. An enormous bonus room offers a ton of possibilities from a game room with enough space for a pool table & a ping pong table to a man-cave for watching the games with all of your friends to an in-home gym! This room includes a door to the driveway for convenient, informal day-to-day entry. The kitchen is perfect for the savvy cook including lots of cabinet/counter space for storage, extra-large pantry w/tons of shelving, granite counter tops, cathedral ceiling, breakfast bar, breakfast nook w/bay window for peaceful view, Frigidaire Gallery stainless steel appliances, recessed lighting, & even a ceiling fan to keep you cool while cooking! The master suite features trey ceiling in the spacious bedroom. The huge bathroom includes extra-large walk-in shower, linen closet, & a walk-in closet w/adjustable shelving. On the opposite side of the home, the additional bedrooms are very spacious. The larger front bedroom has a walk-in closet while the back bedroom features bay windows. Parking includes a 2-car carport & single car garage that would make a great workshop. The wide lot offers plenty of privacy & possibilities – horses, anyone? It’s time to live the dream! NEW roofs to be installed on home & garage prior to closing!
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.
