OPEN HOUSE SATURDAY 3/14 @ 10-1! Beautiful all-brick 4 bed, 3 bath home in the highly desirable Manchester subdivision, where wide streets, tidy yards, and a peaceful neighborhood feel. Step inside and you’ll immediately notice the spacious open floor plan with soaring ceilings that give the home a welcoming feel. The great room with wood burning fireplace flows seamlessly into the kitchen, creating the perfect gathering space for game nights, holidays, or simply relaxing at the end of the day. The kitchen truly steals the show, featuring granite countertops with bar top type island, an abundance of cabinetry, a gas cooktop and a bar type island topped with a rich wood countertop that’s perfect for prepping or serving. A walk-in pantry, built-in desk, and cozy breakfast nook overlooking the backyard make this kitchen as functional as it is beautiful. The formal dining room can easily serve as a sitting room, playroom, or game space. The primary suite is generously sized with a dramatic double-tiered ceiling. The bathroom features granite double vanities, a soaking garden tub, separate shower, and two walk-in closets so nobody has to fight over storage space. Outside enjoy a backyard designed for both relaxation and privacy. The home backs up to a greenbelt with no rear neighbors, giving you extra breathing room. Custom front porch welcomes guests, while the spacious insulated sunroom with epoxy flooring is the perfect spot for morning coffee, reading, or watching the rain roll in. The yard features a garden area, privacy fence, sprinkler system, and a unique bonus, a custom air-conditioned studio building tucked in the backyard. With windows and a sliding glass door, this versatile space could be an art studio, home office, game room, workout space or storage. Conveniently located just minutes from Perdido Key’s white beaches, downtown Pensacola, shopping and dining, this home offers the perfect mix of privacy, space, and accessibility. Shed is As Is. VA ASSUMABLE!!
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.
