Luxury ranch living on 12.27 AG-EXEMPT acres just minutes from Lake Lavon, McKinney, Lucas, Fairview, and Princeton. This gated property is fully fenced and cross-fenced, surrounded by a private tree-lined perimeter, and offers a rare combination of privacy, recreation, and functionality. This stunning property features include a pond, owned solar panels, chicken coop, and an impressive 60x60 shop with four bay doors, covered parking, a large RV bay, and a fully spray foam insulated office space. Inside, the beautifully updated single-story home features an open-concept layout, luxury vinyl flooring throughout, plantation shutters, designer finishes, and spacious living areas. The kitchen is equipped with custom cabinetry, a large island, Taj Mahal quartzite countertops and backsplash, a copper apron sink, and stainless-steel appliances. The primary suite offers a spa-like bath with dual sinks, a soaking tub, and an oversized walk-in shower, while additional bedrooms, updated bathrooms, a dedicated office with built-ins, and a versatile bonus room provide flexibility for a variety of needs. Designed for entertaining, the backyard showcases a custom patio, outdoor kitchen, firepit, and a heated Pebble Tec POOL AND SPA complete with a waterfall, slide, and 10-foot-deep end. An indoor-outdoor half-court basketball court adds even more to enjoy. A truly unique property offering acreage, luxury amenities, and ranch-ready improvements in one exceptional package! *Lovejoy ISD is a cost-free option per ISD official and is available through the scholar's program during registration periods only. BUYER SHOULD CONFIRM! *Must submit pre-approval or proof of funds prior to showing*Full list of updates available!*3D Virtual Tour Available! *Ask about the exclusive lender incentive! *
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.
