Did you see there are 3 buildings ( yes you read that right- 3) buildings on 6.28 acres to store, work on and protect your mowers, tractors, boats, cars, RV, 4 wheelers or any other equipment you might have ? The newer pole barn/shop measures 40x30 and includes a concrete floor, 220V power, 30-AMP service / RV hookup, heavy-duty shelving, a workbench, and a dual doors that have 1 power operated overhead roll door. The second building is currently set up with horse stalls, but offers nearly 2,000 square feet that includes a wash bay, hot & cold water, Additional amenities include open floor storage, an insulated store room with a concrete floor, an electric water heater, washer/dryer hookup, and a 30-AMP service / RV hookup and 220V electric panel. Two additional 3 - sided covered sheds offer ample cover for tractors, skid steers or other heavy equipment. All areas are fenced and easy accessed. The current land is divided in 3 pastures and completely fenced. 12' gates allow connectedness of pastures to allow equipment movement with ease The bonus on the property is the well-maintained all-brick ranch home that has many recent updates and improvements. Features include custom Medallion soft-close kitchen cabinets, all-new thermal windows, solid-wood interior doors, hardwood flooring in most areas, newer 13" attic insulation, and a spacious 15x15 sunroom addition. Additional recent updates include a new asphalt driveway (2023), garage door openers, sump pump, and Aqua Systems water softener, plus new carpet in the bedrooms. Wonderful 19x16 stained and sealed deck, a concrete front walkway, a whole-house fan, professional landscaping, and a wood-burning stone fireplace with a gas line. Again, this is such a hard property to find with the space, quality outbuildings, and functional acreage amenities in addition to thoughtful home updates, don't miss out on this property that is only a 30 minute drive to downtown Indianapolis.
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.
