Well-maintained bungalow-style home featuring 3-bedrooms and 3-bathrooms on a beautifully manicured lot with a concrete driveway accommodating up to six cars. The bright livingroom showcases the professional grade laminate floors, recessed lighting and a fireplace with remote control. Custom made wood blinds adds an elegant touch to the home. The renovated kitchen features, mahogany veneer custom made cabinetry by Mr. Cabinetcare with soft close doors, drawers, spice racks and two lazy Susans. The kitchen additional features consist of Quartz countertops, and backsplash. Stainless-steel KitchenAid appliances, including a gas built-in cooktop, dishwasher, Double convection oven. Recessed lighting and ceiling fans that enhances both kitchen and living spaces. Tile flooring extends through the dining, kitchen, and laundry areas. The laundry room has matching cabinetry. Spacious bedrooms include, recessed lighting, ceiling fans, and custom closets or walk-in closets. Also tankless water heater. Bathrooms are tastefully designed, including a primary bath with Jacuzzi tub and standing shower, plus an en-suite bath with porcelain tile, claw-foot tub, glass-enclosed shower, dual vanities, and TV hookup. A convenient half bath is located off the hallway. Other great features and amenities of this home includes: aqua sana water filtration system, point of use water heaters under kitchen sink. The den features exposed ceiling rafters, ceiling fans, a barn-style door, and sliding glass doors leading to the backyard patio. There are 54 solar panels on the roof. The private backyard oasis includes a swimming pool surrounded by mature greenery, ideal for entertaining, with a concrete perimeter fence topped by vinyl fencing topper for added privacy. A detached two car garage. The bachelor house in the back consist of a full kitchen and bathroom with mini split air conditioning and heating unit offering excellent income or guest-use potential. There’s a separate patio for the back house and entrance. The back house has it’s own filtration system. This modern home offers more amenities.
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.
