Wow! Don't miss out on this fantastic 5 bedroom 2 bath beautifully renovated home in Merritt Island. The home is move-in ready with many nice updates including new shingle roof (2026), new tankless natural gas water heater (2026), new paint inside and out, new kitchen cabinets with granite counter tops, new stainless appliances, updated tile and vanities in the bathrooms, and new luxury vinyl flooring in the kitchen and family room. Other great features include PVC drain lines (no cast iron!), updated electrical panel, CPVC piping, insulated windows and the HVAC was installed in 2019. The 5 bedrooms offer you a lot of flexibility if you need 1 or 2 home offices or a quiet den for reading or tv watching. The floor plan is great with separate living and family rooms, 3 way split bedrooms and an inside utility room with storage cabinets. On the exterior you have a nice covered front porch and a 1 car garage for your car or toys. There is no HOA to keep your costs low. You will love the location located in the heart of the island. You are only a few minutes to the Merritt Square Mall or Cocoa Village for all the dining and shopping you want. Let's go to Cocoa Beach in just 15 minutes or Port Canaveral for your next cruise in 20 minutes. It's a quick 40 minutes to the Orlando International Airport for your relatives to come visit you. It's great to live the Florida life. Call today. This won't last long!
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.
