Have you ever dreamed of living in a historic home in the prestigious North Hill? The wait is over! Welcome to 1017 N Palafox Street, a timeless beauty nestled on a corner lot in one of Pensacola’s most cherished neighborhoods. Situated along a quaint road once traveled by horse and buggy, this home welcomes you with a covered front porch, perfect for sipping your morning coffee or enjoying a relaxing swing. Step inside and be swept away by soaring 11-foot ceilings, gleaming original hardwood floors, and six (sealed) fireplaces, each adding character to the living parlors, dining room, and bedrooms. One fireplace even features a tiled surround with dogs, a touching nod to a former owner who lovingly raised hunting dogs here. Grape vine accents on select doorways celebrate another chapter of the home’s story, when a backyard vineyard once flourished. The kitchen is tucked quietly at the back of the home, offering the ideal space to entertain while keeping the mess out of sight and out of mind. It boasts custom white cabinetry, granite countertops, stainless steel appliances, a gas stove, and a farmhouse sink overlooking the private backyard. Upstairs, the primary suite is spacious, complete with a cozy fireplace, hardwood floors, and room for a king-sized bed. The ensuite bathroom offers double pedestal sinks, a large tiled walk-in shower, and space for your morning routine. Another full upstairs bath features a tub/shower combo and single pedestal sink, perfectly positioned to serve the additional upstairs bedrooms. Each of the bedrooms includes a fireplace and closet, while the fourth bedroom (without a closet) provides a versatile space for a guest room or office. The sunroom, once the original kitchen, is now the perfect spot for breakfast or quiet moments with a book. Downstairs, a third full bath features charming custom wallpaper and a tub/shower combo. Unbeatable proximity to Downtown Pensacola! 1017 N Palafox Street is more than just a home.
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.
