This turn-of-the-century home is straight out of a design magazine, blending timeless character with thoughtful modern updates. Built in 1894, this three-bedroom, two-bath residence has been meticulously remodeled while preserving its historic charm. Highlights include high ceilings, authentic hardwood floors, abundant natural light, and stylish modern lighting throughout. The spacious living room is large enough to accommodate an oversized foyer and dining area, creating a welcoming and versatile layout. The dining space features a custom built-in bench and opens seamlessly to the kitchen, making it ideal for entertaining and everyday living. The updated kitchen is a true showstopper, featuring custom green cabinetry with sleek black hardware, new fixtures, a large granite sink, under-cabinet lighting, classic subway tile backsplash, open wood shelving, stainless steel appliances, and a gas range. A charming spot for a breakfast nook sits in front of two corner windows, creating a light-filled space perfect for morning coffee. The main-level primary bedroom features hardwood floors and overlooks the deck with some mountain views. A custom modern staircase leads to the lower level, which offers a private additional bedroom, a full bathroom, and a dedicated laundry space. A large wood deck extends off the kitchen through French doors, perfect for indoor-outdoor living and entertaining. The fully fenced in lot offers alley access, a storage shed, and ample space to add a garage. The property is also zoned R-4, providing additional flexibility and potential. Some property updates include A/C (2020), water heater (2020), roof (2012), updated kitchen, windows, electrical, interior/exterior paint, floors, railing, and lighting. Enjoy quick accessibility to Shooks Run Trail and Switchback Coffee Roasters, walkablity to downtown via Kiowa Street, restaurants, shopping, parks, schools and hospitals.
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.
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