How to Sell a Home with an Assumable FHA or VA Loan | Augusta Real Estate Guide
- Augusta, Grovetown, Military, North Augusta, relocation, sellers
What Is an Assumable Mortgage?
An assumable mortgage allows a homebuyer to take over the seller’s existing mortgage — including the interest rate, monthly payments, and remaining loan balance — rather than applying for a new loan.
Once the mortgage transfers:
- The buyer takes full responsibility for the loan
- The seller is released from both the mortgage and the title
The buyer covers the seller’s equity through a down payment equal to the difference between the home’s sale price and the current mortgage balance.
FHA and VA loans are eligible for assumption under federal law.
Why Should Sellers Consider Offering an Assumable Mortgage?
In a high-interest-rate market, a low-rate assumable mortgage becomes a powerful incentive for buyers — and a serious advantage for sellers.
- Attract more buyers — up to three times more interest
- Stand out from other listings by offering a built-in financial advantage
- Sell faster and potentially above asking price
- Get full release from the mortgage after closing
- Close in 45 days — or Roam will cover your principal and interest payments
Step-by-Step: How to Sell a Home with an Assumable Mortgage
Pre-Contract Steps
1. Confirm Your Loan Is Eligible – FHA and VA loans are both assumable. Confirm key details like loan type, interest rate, balance, and origination date with Roam.
2. List the Home & Promote the Rate – Update your MLS public remarks to highlight the assumable mortgage and low rate. This helps buyers searching specifically for this type of financing.
3. Let Roam Market Your Home – Roam will showcase your listing on their platform, promote it through buyer-specific emails, and provide open house marketing materials.
4. Respond to Offers – When an offer comes in, review it with your real estate agent and verify buyer eligibility with your Roam advisor.
5. Sign the Seller Closing Guarantee Agreement – This activates Roam’s 45-day close protection and gives you peace of mind moving forward.
Post-Contract Steps
1. Begin the Assumption Process – Roam collects your mortgage documents, works with the loan servicer, and starts the coordination process with all parties. Estimated timeline: 1 week
2. Buyer Completes Lender Documentation. Roam assists the buyer in submitting the assumption application and lender-required forms. Estimated timeline: 2 weeks
3. Roam Manages the Closing Timeline – Roam stays in contact with the lender, tracks progress, pushes through delays if needed, and submits the final documentation to the title company to remove the seller from the mortgage. Estimated timeline: 2 to 4 weeks
The Roam Protection Plan
Some sellers hesitate to accept assumable offers due to timing concerns. That’s where Roam’s Protection Plan steps in.
If delays caused by the loan servicer push the closing past 45 days, Roam will reimburse the seller for the principal and interest portion of the mortgage for up to 60 days.
Terms:
- Seller must sign the Protection Plan agreement at least 45 days before closin
- Reimbursement is prorated by the number of delayed days
- Funds are paid within 30 days of closing
Common Assumption Myths — Debunked
Myth: Only veterans can assume VA loans
Reality: Non-veterans can assume a VA loan, as long as they meet eligibility requirements. However, veteran sellers should note that their VA entitlement may remain tied to the loan if assumed by a non-veteran, which could affect future use of their benefit.
Myth: Sellers remain liable after the mortgage is assumed
Reality: FHA and VA both require the buyer to take full responsibility for the loan. The seller is released entirely at closing.
Myth: Assumptions are slow or uncertain
Reality: Roam averages a 45-day close — and offers a financial guarantee if delays occur.
Myth: FHA assumptions have income limits
Reality: FHA imposes no income caps. Buyers are evaluated based on ability to repay.
Myth: Only high-credit buyers qualify
Reality: Buyers may be approved with credit scores as low as 580, depending on lender requirements.
Roam’s Added Value for Sellers
Roam offers more than just an easy process — they give you an edge in a competitive market.
- Your listing is featured on withroam.com
- Free open house marketing materials
- Custom listing description guidance to highlight your assumable interest rate
- Direct access to a buyer pool looking specifically for assumable mortgages
- Closing protection through the Roam Protection Plan
Final Takeaway
If your home has an FHA or VA loan, you’re holding a major asset in today’s market: a low-rate assumable mortgage. With the right strategy and support from Roam, you can reach more buyers, sell faster, and move on without any leftover liability or stress.
Ready to List or Learn More?
- If you’re in Augusta, GA — or relocating out of Fort Eisenhower — I can help you:
- Confirm if your loan is assumable
- Promote it effectively to the right buyer pool
- Navigate the Roam process from start to finish
- Contact me today for a free seller consultation.
Email: ariel@soldbyariel.com
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