High and Dry with NO Flood Insurance Required! This 3-bedroom home in the highly desirable Magnolia Heights neighborhood offers an exceptional combination of location, comfort, and value. With an IMPROVED PRICE and a prime setting just minutes from downtown St. Petersburg, this property presents an excellent opportunity for both homeowners, investors and builders. Conveniently located less than five miles from downtown St. Petersburg and under a mile from I-275, the home provides easy access to Tampa, area beaches, airports, shopping, dining, and entertainment throughout the Tampa Bay region. Magnolia Heights is known for its quiet streets, mature trees, and welcoming neighborhood charm. Inside, the single-story layout offers comfortable and functional living. The main living area has been freshly painted, creating a bright and inviting space ready for your personal touch. Ceiling fans throughout the home add comfort and energy efficiency. The galley-style kitchen provides a practical workspace and flows easily into the main living area, making it ideal for everyday living and casual entertaining. A large pantry closet adds valuable additional storage. All three bedrooms feature generous closet space, and the flexible floor plan allows for a guest room, nursery, or home office to suit a variety of lifestyle needs. Outside, the spacious backyard offers plenty of room for relaxing, entertaining, gardening, or future outdoor enhancements. The yard is enclosed with a vinyl privacy fence and includes a dedicated dog run, making it ideal for pet owners. There is also ample space to add a patio, pool, or expanded outdoor living area. Important updates include a roof replaced in December 2016 and a newer A/C system with heat pump installed in 2022, helping ensure efficient year-round comfort. Homes in Magnolia Heights that are high and dry with no flood insurance required are becoming increasingly difficult to find at this price point.
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.
