Offers encouraged, sellers relocating for work. You'll think you're in Key West. This one-of-a-kind property feels like a private resort tucked into the quaint Buckhead Ridge community of Okeechobee, where porches overlook canals and neighbors stroll or cruise by on their golf cart to head to the corner store or local lodge. No HOA. This historic Old Florida cottage is built like a fortress, while full of charm and character. A mother-in-law suite offers an expansive primary retreat or income potential, and two additional sheds have previously been used as fishing cabins. The double lot provides 1/3 acre, 130' of concrete seawall, and space to tie up multiple boats right out back. High ceilings, beadboard, chair rail, wide trim, and crown molding add timeless appeal, while peaceful water views fill the home with light and calm. Low Glades County taxes. There are endless inviting spaces to relax and unwind sip morning coffee on the covered front porch, enjoy the flower garden, sway in a hammock by the little beach, or watch the turtles drift by from the covered back porch that overhangs the canal. Sportsmen and nature lovers will appreciate easy canal cruising or lock access to Lake Okeechobee for a day of fishing on the Bass Capital of the World. This property offers incredible photography opportunities with abundant birdlife, turtles, cypress trees, and unforgettable sunsets. The yard is not just scenic it's productive. Enjoy coconuts, papaya, pineapple, hibiscus and moringa for tea, aloe, sugar cane, and more. The second lot includes a concrete pad, its own electric and water, and an enclosed carport ideal for parking, storage, or a weekend workshop. A playground and boat ramp are just a few blocks away, with another public ramp only a mile away providing direct access to Lake Okeechobee from the Kissimmee River. Everyday conveniences are close by within 7 minutes you'll find major chain stores, downtown shops, and locally owned restaurants. Port St. Lucie and Stuart are under an hour away, with Jupiter and West Palm Beach just over an hour. Additional features include public water, septic recently pumped, new hot water heater, stainless steel appliances, a 2010 metal roof, and no flood zone (Zone X). Owner is a 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.
