Welcome to the tranquil setting of 950 Farm To Market Road 486, Thorndale, TX 76577. This expansive property offers an impressive 3,200 square feet of living space and sits on a generous nearly 11-acre plot. Priced at $850,000, this is more than just a home; it's a lifestyle. The main residence boasts four bedrooms and two bathrooms, each featuring a large footprint for ample space. The house features walk-in closets providing ample storage for your belongings. The side-by-side washer and dryer offer added convenience that will surely be appreciated. One of the standout features of this property is its dual residences offering multi-generational housing potential. This provides an excellent opportunity for those seeking to accommodate guests with their own private quarters. The secondary home features 3 beds 2 baths, a large open concept kitchen/dining/living area as well as in-unit laundry and a mother-in-law floor plan. The huge deck is an amazing area for morning coffees or outside entertainment. ;This property is not just about indoor living; it offers abundant outdoor facilities as well. It includes a horse barn, goat pen, and chicken coop which are ideal for those who appreciate the rural lifestyle or have interest in homesteading pursuits. Secondary storage, a Well House, and a shop off the Horse shed all serve the pursuit of self sustainability. The large lot ensures privacy perfect for those seeking peace and serenity away from the hustle-bustle of city life. Thorndale itself is known for its strong community spirit and excellent schools making it an ideal place to call home. Come explore this unique opportunity in Thorndale where comfort meets convenience in a serene rural setting!
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.
