Rare opportunity! Assumable FHA loan with a 2.8% interest rate available to all buyers. This home features the Ultimate ManCave, with a two-car garage offering epoxy flooring, overhead storage, and a mounted TV that conveys with the home. This 3-bedroom, 2.5-bathroom home is near a cul de sac in the highly desirable Madera Highlands community. This freshly painted, newly upgraded, and professionally cleaned home offers an open layout with a split-bedroom floor plan. Major systems have been updated and well maintained, including an HVAC system built in 2021. Filled with natural light and features new window coverings, stainless steel appliances, and ceiling fans in every bedroom. Primary suite includes dual sinks, a walk-in shower, a private toilet room, and a spacious walk-in closet. Tile flooring runs throughout, with new vinyl flooring upstairs installed 2025. It has been well cared for and a successful rental. The second bathroom offers dual sinks and the half bathroom is located on the first level, ideal for gatherings. The laundry room comes complete with quality washer and dryer units and plenty of storage space. The backyard features a covered patio with an outdoor ceiling fan, a paved area ready for a BBQ grill hookup, and a large fully fenced yard that offers excellent privacy. Enjoy resort-style amenities including a huge community pool, two children's parks, a dog park, basketball court, and walking trails throughout the neighborhood. Located within top-rated school boundaries and conveniently close to Safeway, restaurants, shopping centers, and nearby golf courses, this home offers the perfect balance of comfort and convenience. With unbeatable financing, this home is an excellent fit for all families, veterans, and first-time homebuyers. This one won't last! Schedule your private tour today!
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.
