Nestled on approximately 5.7 scenic acres with a stocked pond filled with bluegill, this spacious brick and concrete residence offers an incredible opportunity to create your dream estate just minutes from Lake Monroe and the Eagle Pointe Golf Resort. Surrounded by mature trees and natural beauty, the setting alone is truly a showstopper, featuring a picturesque concrete driveway, wooded privacy, and endless space for entertaining, recreation, and peaceful everyday living. Designed with flexibility and functionality in mind, the home offers three levels of living space, including a finished walk-out basement with 9-foot ceilings and its own full kitchen-ideal for multi-generational living, guest accommodations, entertaining, or potential income-producing opportunities. With a total of four bedrooms, plus three en-suite bedrooms, and 4.5 bathrooms, the floor plan provides exceptional space for family and guests alike. The main-level primary suite features two oversized walk-in closets along with a spacious bathroom complete with double sink vanities and a jacuzzi tub. Every bedroom throughout the home includes its own walk-in closet. tall ceilings, beautiful wood doors and baseboards, and three fireplaces-capable of both wood-burning and gas use-add warmth and character throughout the property. Additional features include: * Two full kitchens * Three laundry rooms with one located on each level * Oversized four-car garage * Electric fence system * Two furnace systems replaced in 2020 * Two water heaters replaced in 2020 * Roof replacement in 2020 with 30-year dimensional shingles and transferable warranty. This is a fabulous home with outstanding bones, mechanical updates already completed, and endless potential for a new owner to implement cosmetic improvements and personal design touches. Whether you envision a private retreat, entertaining estate, multi-generational residence, or investment opportunity, this property offers a rare combination of space, setting,
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.
