Welcome to this beautifully updated home that blends comfort with modern convenience. The charming light brick exterior sets the tone for the bright living area warmed by the fireplace. Updates include all new kitchen, appliances, bathrooms, lighting, outlets, switches, carpet, paint, deck, fence, windows, furnace, air conditioning, and roof! The dining space is ideal for both casual meals and entertaining and is conveniently located adjacent to the brand new modern kitchen equipped with block countertops and stainless-steel appliances. On the main level you’ll find a primary suite, two bedrooms, and two baths. Downstairs opens up to a large flex space ideal for a home office, gym, media room or recreation room, with the fourth bedroom and large utility room. Step out back to a private backyard deck perfect for summer barbeques. Located in a vibrant neighborhood just minutes from the city’s extensive trail system and open spaces, including nearby parks and recreation facilities run by the city’s Parks & Recreation department. Dining, shopping and entertainment are plentiful at the nearby Orchard Town Center as well as the Westminster Promenade, offering a variety of restaurants, retail stores, and the convenience of major commuting routes. For those looking to stay active or stay connected, the city’s recreation centers feature year-round pools, fitness classes, and multi-use trails, while regular bus and rail service through the local transit network offer commuting alternatives.
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.
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