Welcome to this solid waterfront 2-bedroom, 2-bathroom single-family residence (space for 3rd and/or 4th bedroom) with 6" walls in popular laid back, NO HOA, Buckhead Ridge, Okeechobee, offering 1,576 square feet of finished living space plus a covered front porch and a covered back porch over the water! The main home features large rooms, a covered front porch as well as a covered porch over the water in the back, a large guest suite with newer mini-split and it's own entrance, 30 amp hook up, and flower garden. NEW hot water heater, 2010 metal roof. Second lot has a concrete RV pad, 50 amp hook up, separate electrical and water, 2 sheds for storage and an enclosed carport/garage. Lots of opportunities for your workshop, hobbyists, fishing, boating and enjoying nature. The main home is so charming with high ceilings, crown molding, beadboard & there are Dade pine hardwood floors underneath you can restore. The guest suite has it's own entrance so it's ideal for a vacation rental. 130' concrete seawall so you can tie up more than one boat out back and fish from your backyard or cruise out to the Bass Fishing Capital, Lake Okeechobee through the lock. There is also a boat ramp a few blocks away. You can walk, ride bike or cart to the corner store and gas station or join one of the private clubs nearby for games, entertainment and community. There is also a playground within walking distance. You are only 7 minutes away from major chain stores, local stores and restaurants and the lake trail where you can walk for miles along scenic Lake Okeechobee. You are 65 minutes from the beach on east coast and about 90 minutes to the west. 40 minutes from St Lucie West and Palm City, 50 minutes to Stuart, 75 minutes to Jupiter and West Palm Beach and you can take the back roads if you prefer over hopping onto the highway or turnpike to commute. Sustainability plus as you will always have food and water with the coconut palms. This is an affordable home with so many opportunities as a year round home, build a micro resort for your family or have as a vacation rental. It is priced low for what it has to offer to allow a buyer room to continue updating to make it their own. 1/3rd acre, double lot, single family home for just a little more than you would pay for a mobile home on a single lot. So much value!! Owner is licensed Florida real estate agent.
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.
