Welcome to Timberwood Preserve in Gateway, Fort Myers—where space, comfort, and lifestyle come together in this exceptional home featuring an assumable VA 3% mortgage (veterans only!). Situated at the end of a quiet cul-de-sac, this spacious 5-bedroom, 3.5-bathroom home offers both privacy and modern upgrades. A short walk to the Sherman Gateway Soccer Complex with 5 Fields! The backyard is truly a showstopper, featuring a newly built heated saltwater pool complete with a sun shelf and LED bubblers—perfect for relaxing or entertaining. Triple sliding glass doors open to your pavered and screened lanai, creating a seamless indoor-outdoor living experience. Imagine hosting cookouts, pool days, and gatherings with friends and family while creating memories that will last for years to come. Inside, this two-story home offers a thoughtfully designed layout with a spacious primary suite on the first floor, featuring dual sinks, a soaking tub, and an oversized walk-in shower. At the front of the home, a guest bedroom with a nearby half bath provides the perfect space for visitors or a private office. The heart of the home is the open-concept chef’s kitchen, complete with new stainless steel appliances, a large dining area, and an oversized island that’s ideal for cooking, gathering, and entertaining. Upstairs, you’ll find a versatile loft space—perfect for a kids’ game room, media area, office, or additional living space—along with three additional bedrooms and two full bathrooms. Additional upgrades include dual-zone A/C with UV lighting and an upgraded reverse osmosis water system, offering enhanced comfort and peace of mind. This home combines space, upgrades, and an incredible outdoor lifestyle in one of Gateway’s most desirable communities. Enjoy all that the Gateway community has to offer: parks, private golf course with memberships available, bike trails, jogging trails, basketball courts, volleyball courts, the Jet Blue Park sports facility, several restaurants, Gateway Community pool, and more—plus easy access to shopping, top schools, I-75, and Southwest Florida International (RSW) Airport. Don’t miss the opportunity to own in this intimate Timberwood Preserve community of just 43 homes.
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.
