One or more photo(s) has been virtually staged. Enjoy peaceful Florida living with serene pond views in desirable 55+ Imperial Terrace East in Tavares. Whether you’re escaping harsh northern winters or embracing the Sunshine State full-time, this home offers an affordable, low-maintenance lifestyle in a convenient Central Florida location. A covered carport and welcoming covered front porch provide comfortable, weather-protected entry. Inside, the open floor plan is enhanced by vaulted ceilings, updated ceiling fans, and durable laminate flooring, creating a bright and airy feel. The kitchen features a breakfast bar, pantry cabinet with pull-out shelving, and opens seamlessly to the four-season porch, surrounded by windows that frame tranquil pond views. This inviting space is perfect for enjoying morning coffee, casual meals, or unwinding with a good book while taking in the scenery. The split-bedroom design offers privacy, with a spacious primary suite featuring a walk-in closet and en-suite bath on one end of the home, and a comfortable secondary bedroom and full bath on the opposite side. Additional highlights include inside laundry and an attached shed that provides excellent storage or space for a workshop. Recent updates include fresh interior paint, HVAC system replaced in 2021 with all new ductwork, and whole-house gutters. Imperial Terrace East is an active 55+ community with a low HOA and no lot rent. Residents enjoy access to a clubhouse, community pool, shuffleboard court, and a community boat ramp with access to the Harris Chain of Lakes. Just minutes from downtown Tavares, you’ll love being close to lakefront dining, shopping, and year-round entertainment. This home offers the perfect blend of relaxed, low-maintenance living and vibrant community amenities; your ideal Florida retreat awaits.
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.
