20230 Norwood Point Ln, Richmond, TX 77407
5 beds · 4 baths · 3,788 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Elegant 5-Bed, 4.5-Bath Home in Grand Mission Estates! Boasting mature landscaping, soaring ceilings, and an open-concept floor plan, this two-story home is filled with architectural details, elegant archways, and bright airy rooms. The grand two-story foyer is flanked by a formal dining room and a front flex space while the spacious living room features a cozy fireplace and a dramatic two-story wall of windows overlooking the backyard. The kitchen includes granite counters, stainless appliances, a center island, a pantry, an extended breakfast bar, and a butler’s pantry. Designed for generational living, this home offers two primary suites on the main level—each with a private en-suite bath and walk-in closet. The upstairs boasts a game room, bonus/theater room, three additional bedrooms, a Jack-and-Jill bath, and a separate full bath. The fully fenced backyard features a covered patio, perfect for outdoor entertaining. Located minutes from shopping, dining, and entertainment.
Source: HAR #57068012
Source: HAR #57068012
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.
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.
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 620, 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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.