Don’t let the exterior fool you. This solid brick ranch offers far more space than you’d expect and is priced under $250,000, making it a smart and affordable option for buyers who want room to grow without stretching the budget. Inside, the layout is practical and comfortable with all bedrooms located on one end of the home for privacy. The primary bedroom includes an ensuite bath, while the additional bedrooms share a second full bath. The main living room is filled with natural light and offers defined living spaces that feel cozy and functional. Just off the kitchen, a large flex room provides incredible versatility and would make a great home office, playroom, hobby space, or small home business area. This bonus space is separated from the main living area, adding flexibility for everyday living. The home retains much of its original character, including a true 1970s vibe in the kitchen and baths. Original solid wood cabinetry with classic mid-century character adds charm and durability, while also offering an excellent opportunity for cosmetic updates over time. The home is fully functional and move-in ready as-is. Major improvements have already been completed, including an HVAC system installed in 2018, a newer water heater, new gutters, and a new sewer line from the house to the road. Outside, the fully fenced backyard provides a private space for kids, pets, or entertaining. The attached carport offers covered parking and direct access to the backyard, making daily routines easier in all weather. The lot is manageable while still offering room to enjoy outdoor living. Conveniently located near schools, shopping, and dining, with quick access to the interstate for commuters. City trash pickup adds to the ease of living. This home offers space, value, and potential in a location that makes everyday life easier. Seller is motivated and ready to make a deal. All reasonable offers will be considered.
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.
