2416 Buchanan Ln, Forney, TX 75126
5 beds · 3 baths · 3,078 sqft
This stunning two-story home, built in 2020, offers 5 spacious bedrooms and 3 full bathrooms, combining modern design with functionality for a comfortable living experience. The open-concept kitchen and living room flow seamlessly together, creating the perfect space for both everyday living and entertaining. The high ceilings throughout the first floor amplify the sense of space, while the beautiful wood-look ceramic tile flooring adds a touch of warmth and elegance to the entire area. The primary bedroom, located on the first level, offers a peaceful retreat with ample space and natural light. The ensuite bathroom features a dual vanity and a separate shower, making it a perfect oasis for relaxation. Also on the first floor, you'll find one guest bedroom and a full bathroom, offering convenience and privacy for family or visitors. Upstairs, you'll find three more generously sized bedrooms, a full bathroom, and a spacious game room—ideal for a media area, playroom, or additional entertaining space. The design thoughtfully separates the private areas of the home from the communal spaces, providing both privacy and plenty of room for everyone. The home’s design emphasizes both functionality and style, with a neutral color palette, plenty of natural light, and quality finishes that are sure to impress. Whether you’re relaxing in the living room, cooking in the kitchen, or enjoying a beautiful evening on your extended back patio, this home offers a perfect blend of comfort and modern living!
Source: NTREIS #20842177
Financials
Source: NTREIS #20842177
Source: Public records
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%. 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.
Other resourcesWhat is Roam?
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?
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?
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?
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?
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.
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