THIS RETIRED VETERAN OWNED HOME HAS AN ASSUMABLE 4.75 VA LOAN! You'll also save money with the incuded washer and dryer and you'll save the effort needed to get them to the second floor laundry room. Westridge Park in Zellwood is a modern community across Ponkan road from Apopka. This is an opportunty to live in a community found in the midst of some of Northwest Orange County's beauty while enjoying community features that include a pool and a playground. Just three miles from the Northwest Sports Complex and the Apopka Amphitheater, there is opportunity for diverse outdoor activities that include beautiful waterfront walking routes, pavillions, fields and courts to accomodate nearly any kind of outdoor sport. There are also frequent events of interest that include professional as well as up and coming professional musicians presenting nearly every genre of music. Known as the Saturday Sounds with a presentation nearly every Saturday evening, there is plenty for music lovers to enjoy. From the street and looking at the front of 11112 Amber Ridge Drive, you can see the landscape areas and along both sides of the home a blanket of attractive, durable river rock that provides excellent drainage, errosion prevention and low maintenance. Outback you have all of the benefits provided by a six foot high vinyl fence. Step inside the front door to almost 2,900 square feet of living space and you'll find the current owner's office to the right. Continue ahead and you find the kitchen with its huge granite covered island. The kitchen makes up a third part of the open area that includes the dining and family rooms. The first floor master suite is scheduled to have new carpet installed. At the top of the steps you find the large second floor living room. One of the four bedrooms here on the second floor is an ensuite with its own bathroom for extra privacy and convenience. Along with the third full bathroom you'll have the step saving convenience provided by the laundry room on the second floor. Attractively priced, built just four years ago, lifestyle opportunities abound. There is real value here. Contact your agent to see it today!
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.
