This is a prime chance to buy a solid 4-plex for your long-term portfolio or to utilize the perfect "house-hack" by living in the spacious 1,274 SF, renovated main house while your tenants pay the mortgage. The property sits on a large 7,915 SF lot that stayed completely dry during recent major storms and features fresh paint inside and out, new stucco, and updated landscaping. The grounds provide plenty of outdoor space, highlighted by a large shared courtyard. The main house is spacious and has been fully renovated, featuring two bedrooms, one bathroom, a large kitchen, and a dedicated room for your pantry and washer/dryer, new light fixtures and water heater. There is also a formal dining room, a large foyer, a living room with a cozy fireplace, and two private patios. The back of the property holds three more units: one attached efficiency and two units in a separate building, including one that is freshly updated with a versatile bonus room that can serve as a second bedroom, a walk-in closet, an office, or extra storage. The location is ideal, just 10 minutes from downtown St. Pete with quick access to the highway and a short walk to a variety of coffee shops, restaurants, spas, car wash and so much more. It is also situated directly behind Rumba Grill, putting local dining and happy hour right at your doorstep. Each of the four units has its own private entrance and parking. There is plenty of room for vehicles with at least seven parking spaces on site, making this a rare and versatile investment opportunity that is ready to perform.
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.
