Located in the desirable Silver Lake area of Leesburg, this updated 3-bedroom, 2-bath home with flex/den and additional enclosed bonus living area offers 1,654 sq. ft. of interior living space on a generous 0.29-acre lot in Quail Pointe at Silver Lake with no HOA fees. The home features a desirable split floor plan, open living area with vaulted ceilings, formal dining room, and a functional layout designed for comfort and flexibility. The flex/den is ideal for a home office, study, fitness space, or guest-use area. The additional enclosed bonus living area includes dedicated air conditioning, making it usable year-round as a family room, hobby space, office, playroom, media room, or guest overflow area. The private primary suite includes a spacious walk-in closet and a fully remodeled bathroom with walk-in shower and soaking tub. The second bathroom has also been completely remodeled, giving buyers two updated bathrooms with refreshed finishes and improved functionality. Secondary bedrooms are generously sized and provide comfortable space for family, guests, or work-from-home needs. Major updates include new roof, new HVAC, new flooring, fresh interior paint, fully remodeled bathrooms, refaced kitchen cabinets, new cabinet hardware, new door handles, new fans throughout, and updated living room lighting. Outside, the 0.29-acre lot provides room for outdoor living, gardening, pets, recreation, or added privacy. The 2-car attached garage offers parking, storage, and everyday convenience. Conveniently located minutes from Harris Chain of Lakes boat access, shopping, restaurants, hospitals, recreation, and a short drive to Mount Dora and The Villages. With a full-price contract, seller will, at seller’s expense, paint the exterior of the home and allow buyer to choose the exterior color. Seller will also include a seller-paid 1-year home warranty with a full-price contract.
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.
