2504 Kimberly Ln, Plano, TX 75075
3 beds · 2 baths · 1,855 sqft
3% ASSUMABLE VA QUALIFYING Charming 3-Bed, 2-Bath Home in Prime Location! This well-maintained home has everything you need in a fantastic location! Centrally located near home on George Bush allows quick access to shopping, dining, and major highways, making life easy for commuting, or just getting around town. Inside, you'll find fresh paint throughout as well as new carpet in living areas and bedrooms, which complement the beautiful wood and tile floors in other areas. You will love the spacious and functional layout with ceiling fans in every bedroom, the den, and breakfast nook. A brick wood-burning gas fireplace in the den adds warmth and charm; perfect for chilly nights. The kitchen is designed for convenience, featuring a breakfast nook in addition to a separate dining room—great for casual mornings or hosting guests. The large walk-in master closet, second master closet, linen closet, and coat closet (in addition to the 2 attic spaces) provide plenty of storage. The house has beautiful double-pane tilt-out windows throughout, an HVAC system replaced less than 2 years ago, a Gas Furnace replaced 3 years ago, and a beautiful fenced-in backyard for relaxing or entertaining. Also note the sprinkler system for easy lawn maintenance and small shop area in the garage. This house is a must-see.
Source: NTREIS #20870254
Source: NTREIS #20870254
To qualify, you must meet the current FHA or VA 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What 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 “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.
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 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 of Equal Opportunity Act.