Embrace everyday ease in this spacious 4-bed, 2,754-square-foot Somerset II home in the sought-after Tryon community. A bright two-story entry foyer creates an inviting first impression, leading into a light-filled open floor plan that flows seamlessly from the living area into the gourmet kitchen. The kitchen features granite countertops, a large center island with room for additional seating. Gourmet Kitchen with a gas cooktop with vented range hood, wall oven, and microwave, perfect for everyday living and entertaining. The first floor includes a flexible guest suite with a full bath featuring a tiled shower, ideal for visitors or adaptable one-level living. Upstairs, the layout includes three additional bedrooms and a spacious owner's suite highlighted by high ceilings, a walk-in closet, and a spa-like bath with a separate shower that includes a built-in bench plus a separate garden tub. Laundry is located on the upper level, and the home is WiFi-certified, with forced-air, natural-gas heating, central air conditioning, a slab foundation, and a two-car garage with opener. Step outside to the covered front porch and screen porch, perfect for enjoying quiet mornings or evenings while taking in the peaceful neighborhood setting. The Tryon community offers a pool, walking trails, and street-lit streets, all within a close-knit, welcoming neighborhood. With an HOA of $80 per month, this home delivers a modern, low-maintenance lifestyle in one of Wake Forest's most desirable communities.
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.
