Some homes are simply houses. This one is something more, your very own Father of the Bride Colonial. Set on one of East Grand Rapids' most beloved streets, this beautifully renovated 1940s Colonial has been thoughtfully reimagined for the way people actually live. Rooms that flow effortlessly into one another, and spaces designed equally for gathering and for quiet. The heart of the home is a chef's kitchen appointed with Thermador appliances, rich marble countertops, a solid marble backsplash, walnut island top, and custom inset cabinetry, every detail chosen with care. Hardwood floors run throughout, grounding each room with warmth and continuity. Five generous bedrooms and four bathrooms are all on one floor above. The recent renovation adding the 4th full bathroom upstairs allowing a Primary Suite. Waterworks fixtures, Visual Comfort lighting, Mind the Gap wallpaper, heated floors, and custom closets make the Primary a suite. 2 bedrooms share a jack n jill bath, the othersensuites. A lovely office or den is also on the main floor with a private entrance. There is a mudroom off the back entrance. The back yard has been professionally landscaped . There is a gate installed across the driveway to keep children or animals where you want them. A lovely 3 season porch in back and a covered porch on the front. This is a home that welcomes you in and makes you want to stay. This is a street where people enjoy their front porches sometimes more than their back. This size, location, and finish style at this price brings a rare opportunity.
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.
