SITUATED ON A HUGE LOT (.23 acres) WITH SO MUCH POTENTIAL!!! Since ADUs are now allowed in the East Tampa Overlay District, build up to a 950 sq. ft. dwelling unit for additional rental income!! Built prior to 1915 per the historic Sanborn maps, this historic gem in the highly desired neighborhood of V.M. Ybor, is ready for its new owner! Located in the Local Ybor Historic District, this one-of-a-kind Folk Victorian home is overflowing with charm. Situated on almost ¼ acre, there is so much room to spread out and create your dream yard! Enter the home from the immense wrap around front porch, great for enjoying your morning coffee, or a glass of wine while watching the changing evening sky. The foyer provides a formal welcome to your guests, and the custom made, solid wood, 2-panel interior doors with an oversized light and glass doorknobs, pair nicely with the original fluted trim, decorative plinth blocks, high baseboards, 11’ ceilings, and picture railing that is found throughout the home. The first of several oversized bedrooms is located off the foyer, as is the entry to a private suite, which would be great for multigenerational living, or as a possible rental opportunity. Proceed into the huge living room graced with a built-in display cabinet adorned with wavy glass, a unique fireplace mantel consisting of turned columns and hearty corbels, and tall windows that allow a ton of light in. The amply sized primary suite is located off of the main living space, accessed through a custom 5-panel wood door. Tall windows brighten the room, along with the 5-panel, frosted glass bathroom door, which allows the light from the bathroom skylight to radiate through. A matching fireplace adds an extra cozy feel. A full bathroom, walk-in closet, and large bonus closet finish off the suite. The back of the home includes a hallway bathroom with a shower stall, a large kitchen with French doors leading to the spacious rear deck, a nice sized laundry room with tons of storage opportunities (think possible future butler’s pantry!), and a third downstairs bedroom. Zoom back to the foyer, and enter a kitchenette/living room combo on your left, with another full bath with a shower stall. This area may also be accessed by an exterior door from the wrap around porch if used as a rental unit. Stairs lead up to a huge loft featuring a walk-in closet, and plenty of space to spread out. The large yard provides so many possibilities, and is full of butterflies due to the passionfruit vine, lychee and guava trees, and other mature landscaping. This historic home is located along the recently updated Columbus Drive, a “Complete Streets” project that was featured in Trends Magazine. V.M. Ybor is a community oriented neighborhood, providing lots of opportunities to get to know your neighbors, as well as to learn about the area’s rich history. Located very close to Elevenses and La Segunda bakeries, and within minutes of downtown Tampa, Tampa Armature Works, The Riverwalk, Channselside, Water Street, and Historic Ybor, which is undergoing a massive revitalization, with Gasworx as the beginning! With easy access to I-275 and I-4, you cannot beat the location. Don’t miss your chance to be part of this wonderful neighborhood and book your showing today!
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
Yes. Non-veterans can assume a VA loan, provided they meet the lender’s VA criteria. When a qualified buyer assumes a VA mortgage from a veteran or active-duty service member, the seller’s VA loan entitlement remains tied to the assumed loan until the buyer pays off or refinances the loan. This process restores the veteran seller’s entitlement, enabling them to use their VA benefit for a future home purchase.
Yes. All FHA loans are assumable by law as long as the buyer meets the FHA’s credit, income, and qualification requirements and obtain lender approval before assuming the loan (per FHA regulations effected December 15, 1989). Roam makes this process simple for buyers.
Generally, conventional loans are not assumable. In rare cases, a conventional loan may be assumable with lender approval. Use our search tool to find homes with assumable low-rate loans, or reach out to us if you’d like to confirm a specific home’s assumability.
