1 of 25
$369,000

1251 S Settlers Cir E, Cottonwood, AZ 86326

2 beds · 2 baths · 1,244 sqft sqft

SELLER OFFERING 5K CREDIT!! Use as you please, rate buy down, closing costs, updates. New Roof and AC. Brand new carpet, neutral paint, Fans and a fireplace to keep you comfortable & utilities low. Open kitchen & dining walks out to spacious back yard. Walk in from garage to laundry/utility room. Generously sized primary suite. Fenced back yard with covered patio to enjoy those sunrise views, backs to open space. Front offers sunset views. Both sides of the home offer RV parking with electricity. Home is on Septic. Mature trees, Adorable shed, flagstone pavers, room for a garden, fire pit. 2 car garage, plus driveway & street parking. Voluntary HOA includes access to Verde Village community pool and clubhouse, library & trails bordering the Verde yet home is NOT in flood zone.

Interest rate 3
4.75%
With Roam
7%
The seller’s mortgage rate at the time the loan was originated.
Monthly payment 3
$1,808
With Roam
$2,276
Reduce your monthly payments by $467 when you assume this mortgage.
You also save $154,881 in total interest paid.
$35,614
Edit

You may be able to put down less than the total down payment amount of $35,614 and have the rest of the funds financed with a 2nd mortgage from a lender. 4

Interest rate and monthly payment estimated based on public records.

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.
45-day closing guarantee 2
We work directly with the mortgage servicer to help you quickly and easily close the transaction.
Location
Details
Home
Lot size
0.09 acres
Year built
1986
Type
Single Family Residence

Source: ARMLS #6760023

Loan
Remaining term
27 years, 7 months
Rate
4.75%
Monthly P&I
$1,808
Remaining loan balance
$333,385

Source: Public records

How it works

Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.

Tour

Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.

Offer

Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.

Close

Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.

Who can qualify

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.

Frequently asked questions

What is Roam?

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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.

What is an assumable mortgage?

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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.

Why is an assumable mortgage valuable?

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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.

How can you find assumable mortgage listings?

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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 “Get Notified” 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.

How do I qualify for an assumable mortgage?

expand content

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.

View all FAQs
Resources
Last updated: Nov 21, 2024 12:33 pm
Listing agent: Shannon N Klinge (602) 686-3181
Listing provided courtesy of: Moonlight Property Ventures (602) 686-3181
Details provided by ARMLS and may not match the public record.
MLS ID: #6760023
Copyright © 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 30 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.
Interest rate 3
4.75%
With Roam
7%
The seller’s mortgage rate at the time the loan was originated.
Monthly payment 3
$1,808
With Roam
$2,276
Reduce your monthly payments by $467 when you assume this mortgage.
You also save $154,881 in total interest paid.
$35,614
Edit

You may be able to put down less than the total down payment amount of $35,614 and have the rest of the funds financed with a 2nd mortgage from a lender. 4

Interest rate and monthly payment estimated based on public records.

$1,808/mo
View details