821 Serena is and always has been a pet free home & yard. With beautiful flowers throughout, nature does come to visit. Every morning a family of Hummingbirds visits and sometimes you will find little bunnies running around. There are berry bushed and a Texas plum tree planted to bring a little homesteading feel to this quaint property, as well as new flowering trees and evergreens to make your holiday decorating that much more festive, in addition to the JellyFish lighting. This property truly is Ferris’ Secret Garden. The home is currently owned by a veteran who also went to UNT for interior design. She carefully thought out every upgrade and design element to the home. Storage has been added to both attic spaces to carefully store holiday decor and whatever else a family may need. The home features a brand new second walk-in pantry with custom cabinets to support the needs of a large family and any home chef. This property is thoughtfully designed, move in ready, and brings luxury to quiet country living. Alarm system is to ensure safety of special-needs child at the property doesn’t elope and is fully paid off. Included with the property. All Floating shelves stay with the property. The office desk was fitted for the corner of the living space and if wanted, will remain on the property. Outdoor shed and pergola will remain with the property. Shaw Creek Ranch has a PID, but this home is only one of a few where the PID is paid off, thus lowering property taxes in the area by $1,200 annually. Shaw Creek Ranch features a walking trail, ½ court, splash pad, and park a few minutes walk that is city-maintained to avoid creating an HOA in the future. Ferris is a growing community in Ellis County with a quick commute to Dallas and Waxahachie. Ferris ISD is working on new stadiums and schools to better the experience for both students and community.
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.
