Spacious 5-Bedroom Home in the Highly Desired Woodcreek Community of Fate! Welcome to this beautiful move in ready home. The kitchen is filled with sunlight and features a cozy breakfast nook, while the formal dining area can easily transform into an office, den, or sitting room—perfect for today’s flexible lifestyle. The primary suite is conveniently located downstairs, creating a private retreat separate from the additional bedrooms upstairs. Enjoy abundant storage and a layout designed for both everyday living and entertaining. Best of all, this home offers a rare 3.99% assumable FHA loan, making it an incredible opportunity for qualified buyers. Life in the sought-after Woodcreek community means enjoying an impressive lineup of amenities, including resort-style pools, a spray park, multiple playgrounds, scenic walking and jogging trails, two fitness centers, and family-friendly green spaces with sidewalks throughout the neighborhood. Residents are also just minutes from local favorites like Robert Smith Family Park with its splash pad, disc golf, basketball and pickleball courts, and lit walking trail, Joe Burger Park with playgrounds, tennis and pickleball courts, and picnic areas, and Fate Station Park in Downtown Fate, a growing community gathering space with playground and future entertainment areas. Conveniently located with quick access to Rockwall shopping and dining, Lake Ray Hubbard for boating and waterfront recreation, and easy access to I-30 for commuting into Dallas, this home offers the perfect blend of comfort, convenience, and community living. Don’t miss your chance to live in one of Fate’s premier neighborhoods with so much to love both inside and out!
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.
