Cash or FHA 203k loan recommended due to condition of home. Sold AS-IS, offering an incredible chance for investors or buyers willing to add their personal touch. With some updates, the home has the potential to reach its RVM value in the $220K range — making it an extremely under-market deal with instant equity potential. This 3 bedroom, 1 bath single-family home, sits on a deep lot and features a 4-car carport, a fenced-in yard, and two large screened-in rooms located at the front and rear. The property includes a newer kitchen with granite countertops, stainless steel appliances, and a shower stall that was all updated in 2020. The home sustained wind damage from Hurricane Milton—impacting the carport cover, separating the rear screened room from the home, and blowing off some shingles. The roof and HVAC are 5 years old and HVAC was serviced, including cleaning out the vents, in December 2024. There are some soft spots in the flooring. Prime location! The north side is less than 10 minutes away, while the south side is just 12-15 minutes. Tampa is about 20 minutes, depending on traffic, and the popular Bonnet Springs Park is only 2 miles away. Plus, you’ll have easy access to restaurants on both the north and south ends. This property is ideal for investors or buyers ready to customize it to their vision. Sold AS-IS—schedule your showing today to see the potential for yourself.
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.
