MOTIVATED SELLER! Seller will pay up to $5000 in closing costs for full price offer! Welcome to this beautifully updated Sherman cottage offering modern improvements, efficient living, and an oversized backyard in a quiet established neighborhood. This charming two-bedroom, one-bath home has undergone extensive improvements, including completed foundation repairs with a transferable warranty, new flooring throughout, fresh interior paint, new baseboards, updated plumbing, a completely remodeled bathroom, a new vanity, new shower, and a brand-new oven and cooktop. The bright, open floor plan creates an airy feel that makes the home live much larger than its approximately 800 square feet. Three mini-split systems provide efficient heating and cooling, allowing the home to cool quickly while helping keep utility costs low. Additional improvements include replaced siding related to the foundation repairs, refreshed countertops, a stained front porch, newer windows installed approximately five years ago, and a roof that was replaced approximately five years ago. Outside, you’ll find one of the property’s standout features: a huge backyard with plenty of room for entertaining, gardening, pets, recreation, or future outdoor projects. The property also includes a storm shelter, offering additional peace of mind and functionality. Fence and gate improvements are currently being completed. With ample parking, thoughtful updates throughout, and major improvements already addressed, this home offers an excellent opportunity for a buyer looking for value, comfort, and move-in-ready convenience. We are excited to find the right buyer for this beautifully restored home and look forward to welcoming you for a showing.
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.
