Summer is on the way and the water is already calling your name. Roaming Shores, Ohio, is just the place for you and your family to enjoy the Summer on the private lake, or in the private pool, or at the various picnic areas, or even in the clubhouse. Even better, you can do all that while living in your fabulous new home on Longshadow Lane. This absolutely fantastic home has everything you are looking for and is priced to sell. You will absolutely fall in love with the quaint, privacy of this unique corner property and you'll be more than pleasantly surprised with the massive amount of space this property offers. This ranch home offers all the sought after advantages of main floor living with the convenience of a massive full basement. The large welcoming front porch offers all kinds of space for entertaining as well as relaxing on those beautiful Summer evenings. Inside you will love the openness of the main floor complete with a very large living room, a must see, modern kitchen and dining room area, fantastic first floor laundry access, 2 nice sized guest bedrooms and a full sized guest bathroom, a massive primary bedroom complete with a large private full primary bathroom. This is truly a must see home. Walk through the sliding glass doors from your modern kitchen and you're immediately whisked away into the peaceful outdoors on your wonderful, private back deck to relax and entertain with your friends and family who love visiting the lake house. Again, a lot of this size is a huge plus at this price point. The basement and the additional shed offer more than enough storage and the possibility for a workshop, home gym, a home office or any other vision you may have. The home comes complete with a one year home warranty for a worry free purchase so schedule your private showing before this competitively priced gem is long gone.
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.
