Stunning, Fully Updated Colonial in Grosse Pointe Park's Coveted "South of Jefferson" Neighborhood Welcome to 846 Lakepointe-a beautifully updated, move-in-ready colonial set on a professionally landscaped lot in one of the most desirable pockets of Grosse Pointe Park. Sun-filled rooms, refinished hardwood floors, and an inviting, open flow create a warm and timeless feel the moment you step inside. The expansive chef's kitchen serves as the heart of the home, featuring a massive quartz island, stainless steel appliances, sleek cabinetry, and classic finishes-perfect for cooking, gathering, and effortless entertaining. Upstairs, two fully renovated full baths include a rare true primary ensuite, an uncommon find in homes of this size and price point. Major updates provide exceptional peace of mind: the basement has been professionally waterproofed, and both a backflow preventer and sump pump have been installed-crucial upgrades for long-term protection. Mechanical, roof, electrical, and plumbing updates have also been completed, making this home truly beyond turnkey. Outdoor living shines with a sprawling deck overlooking a spacious, professionally landscaped, fenced backyard-ideal for relaxing, hosting, or play. An oversized two-car garage adds convenience and extra storage. Just around the corner, you'll find one of the area's most beloved neighborhood gems: Fairfax Market-a nostalgic, step-back-in-time corner store tucked in the middle of the neighborhood. It's the kind of place where you can stroll over for a gallon of milk, a quick dinner to go, or simply to soak up the small-town charm that defines this part of the Park. Living in Grosse Pointe Park means gaining access to two private, resident-only waterfront parks offering amenities rarely found in Metro Detroit-pools, first-run movie theaters, a marina, tennis and pickleball courts, ice skating, a dog park, kayak launch, playgrounds, lakeside concessions, and a vibrant calendar of concerts and community events. Nearby, the Kercheval corridor cont
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.
