1077 Chelsea Way is a solid brick ranch in the established Kingswood neighborhood of Port Orange. This 3-bedroom, 2-bathroom home sits on an oversized lot and offers a flexible layout with plenty of room to make it your own. The home does need updating, but the bones are here — and a brand new roof will be installed prior to closing. Inside, you will find a spacious living room with laminate wood floors leading into a family room with half-wall columns that open to the kitchen and dining area. The layout gives you both a formal living room and a casual family space. The kitchen has white cabinetry, stainless steel appliances (range, dishwasher, refrigerator, and microwave), and good overhead lighting. The adjacent dining area has tile floors, a chandelier, and French doors leading to the Florida room. The primary bedroom features laminate floors, a ceiling fan, and an en-suite bathroom. Two additional bedrooms with laminate floors and ceiling fans round out the sleeping spaces. The large Florida room adds bonus living space with wraparound windows, its own exterior door, and a ceiling fan. It is a versatile room that could serve as a second family room, office, playroom, or whatever you need it to be. Outside, the property has a large, fenced backyard, a storage shed, and a 2-car garage with built-in shelving and washer/dryer connections. A covered front porch with railing sits at the entry. This is an opportunity to get into the Kingswood neighborhood at an accessible price point. You are minutes from Port Orange schools, Dunlawton Avenue shopping and dining, I-95 access, and a short drive to the beach. New roof at closing, solid brick construction, and an oversized lot — bring your vision and make it yours.
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.
