This Classic Tri-Level has been transformed into a Modern-Day Gem—its Flexible Living spaces accommodate a large family, multi-generational living, home based business use, or simply extra privacy. Situated on a Park-Like Setting with its Original 1960s Brick Wall complemented by Tasteful Landscaping, Front Elevation/Open Porch Deck Accents, Side/Rear Privacy Fencing, Large Paved Parking area, Oversized (603 SF) Detached Garage, 16x16 Rear Deck, Fire Circle, and open area that could accommodate a garden. [Main level 2]: Entering through the front door…Living Room w/Hardwood Floor, Large Picture Window, Overhead Lighting/Fan, Crown Molding; Kitchen w/Crown Molding, Modern Espresso Cabinets, Double Sink, Backsplash, Laminate Countertops, Tile Floor, Stainless/Black Appliances with Chimney Range Hood, Eat-In Area, and Sliding Doors to Rear 16x16 Deck. [Upper level 3]: Upstairs from the Living Room…Primary Bedroom #1 w/Hardwood Floor, 2 Closets, Overhead Lighting/Fan, its own Private Den/Sunroom with lots of windows, and access to Full Bath right across the hallway w/Double Vanity, Tub/Shower, and LVP floor; Bedroom #3 also w/Hardwood Floor, 1 Closet, Overhead Lighting/Fan, and shared access to the hall full bath. [Lower Inlaw level 1]: Downstairs from the Kitchen…Utility Room / Laundry Room / Full Bath with Shower (this area has doors on both sides of it to provide flexible privacy and use); Central Flow Family Room w/zero step Side Entry; Kitchenette w/flexible use space and zero step Rear Entry; Primary Bedroom #2 w/Overhead Lighting, 1 Closet, and En-Suite Bath w/shower; Bedroom #4 w/Overhead Lighting/Fan and 1 Closet. This is an extraordinary property that you must truly tour to appreciate.
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.
