Welcome home for the holidays! This 4 bed, 3-1/2 bath, one owner ranch home blends newer construction with an open layout and thoughtful updates throughout. The main level features an open kitchen with a farmhouse sink, tile backsplash, 42-inch upper cabinets, and stainless steel appliances. The adjacent dining area includes a bay window that brings natural light into the space. The living area offers a comfortable place to relax with an electric fireplace as the focal point. The primary suite includes a tray ceiling and a private bathroom with modern finishes. Additional main level rooms include two additional bedrooms, a full hallway bath, and convenient main floor laundry. The lower level expands the living area with a partially finished layout that includes a full bathroom, a living/rec space (currently being utilized as a movie room), and a code compliant legal bedroom with egress. An unfinished storage area provides additional flexibility for future projects or organization needs. Outdoor features include a 12x12 covered patio and vinyl privacy fence. The attached three car garage offers additional storage options and includes an EV charger, providing added convenience for electric vehicle owners. All major systems - including HVAC, roof, and water heater - date to the home's 2021 construction. The home's single story design combined with a finished lower level suite provides flexibility for multigenerational living, guest space, or a private home office setup. The movie projector, screen, and main living room TV will stay, allowing the new owners to enjoy the home’s features from day one. Located approximately 0.9 miles from Mokka Coffee Co., 1 mile from Tri-Township Park and downtown Troy restaurants and services, and with quick access to Highway 162 (0.7 miles), Interstate 55/70 (1.4 miles), and Scott Air Force Base (approx 12.5 miles), this home provides convenient proximity to multiple area anchors.
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.
