Better than new and proudly maintained, this 2023 DR Horton Kingston Plan offers 2,090 sq ft (mol), as measured by a licensed appraiser, and is situated on a premium lot backing to a greenbelt with partial pond views in the Montereau community of Canadian County. The backyard setting was carefully designed to preserve the peaceful nature-inspired views with a decorative wrought iron rear fence, while wood privacy fencing with metal posts is featured on both sides. This 4-bedroom, 2-bathroom home features upgraded wood-look tile flooring throughout the main living areas, higher ceilings, blinds throughout, and carpet in all bedrooms. The kitchen is enhanced with quartz countertops, a subway tile backsplash, upgraded faucet, pull-out storage under the sink, and pull-out pots and pans storage beside the range. Both bathrooms also feature quartz countertops, and the primary suite includes decorative tile accents, double vanities, pull-out storage beneath both sinks, a soaking tub, and a large shower and storage above private water closet room, Additional upgrades include an Anderson front split-screen/glass door, ceiling fans in the living room and select bedrooms, Ring doorbell and security lighting camera system, storage shelving in the utility room, tankless hot water heater, and smart home features currently not in use. Outdoor improvements add curb appeal and functionality with extended flowerbeds, sprinkler system servicing the front yard, backyard, and flowerbeds, decorative gutter enhancements including a Monarch pure copper hammered cup rain chain, backyard privacy shade, and a wood privacy screen concealing trash storage. The garage includes painted interior walls, garage door opener with keypad, and plumbing for a water softener system. Montereau HOA amenities include a clubhouse, pool, workout room, park, stocked ponds, basketball court, and volleyball court. Convenient access to Highways, Restaurants & Entertainment. Welcome Home!
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.
