Welcome to 118 21st Terrace, Cape Coral, FL 33991—a beautifully designed 3-bedroom, 2-bathroom courtyard pool home that offers the perfect balance of comfort, style, and Florida waterfront living. This well-maintained residence has been thoughtfully updated with a long list of improvements, including a NEWER metal roof (2023), NEWER A/C system, NEWER hot water heater, NEWER pool cage, and hurricane shutters on all windows and doors, providing peace of mind and long-term value. With 2,223 square feet of living space and a spacious 2-car garage, this home features a light-filled, open floor plan ideal for both entertaining and everyday living. The interior is enhanced with elegant crown molding, tray ceilings, and tile flooring throughout, creating a sense of sophistication and flow. At the heart of the home is the fully remodeled kitchen, which showcases a large granite-topped island, stainless steel appliances, custom cabinetry, and tasteful finishes that will impress even the most discerning cook. The unique courtyard design centers around a private pool area that feels like your own personal resort—perfect for sunbathing, swimming, or relaxing with friends and family in total privacy. The split-bedroom layout offers excellent separation and privacy for guests or family members, while the open-concept living and dining areas bring everyone together in comfort and style. Step through to the rear of the home and you’ll find a beautiful wood dock with canal access, offering a direct connection to Cape Coral’s sought-after waterfront lifestyle. Whether you enjoy boating, kayaking, paddleboarding, or simply watching the sunset over the water, this home delivers the ultimate outdoor experience right in your backyard. Perfectly located near shopping, dining, parks, and major roadways, this move-in ready property is not only a home—it’s a lifestyle. With all the major upgrades already done, 118 21st Terrace is your chance to own a slice of paradise in one of Cape Coral’s most desirable areas.
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.
