Experience the epitome of comfort in this one of a kind home where charm and sophistication harmonize effortlessly. This unmatched property offers exceptional value today and in the future, combining an extremely well-maintained residence with a premium flat lot. An exceptionally rare gem, it surpasses expectations with meticulous craftsmanship redefining the concept of a refined lifestyle. A work of art in itself, this extraordinary residence showcases true pride in ownership, while leaving opportunity for your personal touch. The new roof (within 5 years old), Andersen windows and hardwood floors throughout, give you the perfect canvas to get started. The inviting kitchen serves as the perfect setting for intimate dining experiences with loved ones or hosting memorable gatherings with friends. Steps from your kitchen, you are granted effortless access to your expansive backyard oasis, enveloping you in serene relaxation. Unwind on your deck while savoring the aromas of a grilled feast, lose yourself in a captivating book, or revel in a refreshing beverage, uninterrupted by any distractions. The property sets the stage for various recreational activities, be it a lively game of football in your fenced-in backyard or a soccer match on your front lawn while the sun sets. Evening weekend nights will never be the same as you can cozy up by a fireplace and enjoy memorable moments. The perfect place to call home, while making memories that will last a lifetime!
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.
