A pristine three-bedroom townhouse in the Cypress Creek subdivision of Southern Pines . A property that delivers two things most buyers believe they have to choose between: the energy of in town living and the quiet of waking up to open water. This is not a home that has been worn in. The single owner is active duty military and has spent the majority of the past several years deployed, meaning 84 Cypress Circle has been maintained with discipline and inhabited with care. What you walk into is a townhouse that feels nearly untouched -- two stories, three bedrooms, two-and-a-half baths, 1,443 square feet of well-kept, move-in-ready space. ''You don't find pond views in Midtown Southern Pines. You certainly don't find them alongside a dry, roomy crawl space big enough for kayaks, paddleboards, and every piece of gear that fits your outdoor life. This one is different.'' Step through the back door and the pace of the day changes. Powell's Pond sits just beyond the property line, and the view it offers is the kind that gets photographed on morning walks, green tree canopies heavy with Carolina summer, white egrets moving slowly across the water, deer slipping in and out of the treeline as the light shifts. Squirrels, rabbits, and songbirds fill the nature. It is a backyard that reminds you why you moved to the Sandhills. Yet this address keeps you inside Southern Pines' most convenient location. Cypress Creek sits squarely in the Midtown stretch, placing residents within easy reach of the restaurants, hardware stores, boutiques, and community gathering places that give this town its character. The parade route runs close. The train that cuts through historic downtown is minutes away. This is the rare address where you can watch herons from your own back patio and still be a 5 minute drive to dinner. Under the townhouse sits one of the most practical and unusual features on the market right now: a clean, dry, roomy crawl space purpose-built for serious storage. The current owner has used it throughout his ownership to stow outdoor gear -- kayaks, camping equipment, sporting goods, and it shows. Well maintained and genuinely accessible, this is the kind of space that changes how an active household actually lives. Your outdoor life has a home here.
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.
