Discover the exceptional charm of this inviting single-family residence at 858 Alverno Ave, where comfort and convenience blend seamlessly in Dayton, OH. This delightful brick home, offering 4 bedrooms and 1 full bathroom across 1,032 square feet, presents a fantastic opportunity for a vibrant lifestyle. An inviting front porch and convenient driveway access create a welcoming first impression. Step inside to an open-concept living and dining area, bathed in natural light and enhanced by comfortable flooring and ceiling fans. The thoughtfully designed kitchen is a culinary dream, boasting ample counter space, sleek countertops, and modern appliances, updated in 2021, including a dishwasher, microwave, range, and refrigerator. An intimate dining area provides a cozy space for meals and gatherings. The dedicated laundry space ensures essential utilities are easily accessible. Each of the four bedrooms offers a tranquil retreat with soft carpeting and abundant natural light, some featuring ceiling fans for added comfort. A versatile bonus room offers an extra living area, den, or office, providing flexible space for your needs. The versatile attic space provides flexible living options, ready for your personal touch. Outside, the property extends its allure with a spacious private yard, complete with a fence, patio, and a covered patio perfect for outdoor relaxation and entertaining. A practical storage shed offers additional convenience, enhancing the appeal of this charming Dayton residence, which also features many updates, roof 2023, HVAC system 2021, new appliances 2021, and windows 2021.
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.
