2.25 ASSUMABLE LOAN ON THIS 2021-BUILT TOWNHOME IN GATED RIVIERA PLACE JUST 15 MINUTES TO DOWNTOWN TAMPA OR ST. PETE WITH AN OVERSIZED GARAGE FOR BOAT & VEHICLE PARKING. Built in 2021, this 3-bedroom + den, 2.5-bath townhome offers 2,310 sq ft of low-maintenance living in Riviera Place, an intimate gated community of only 27 residences conveniently located between Downtown St. Petersburg and Downtown Tampa. With an assumable 2.25 interest rate available, this property presents a rare financing opportunity that is increasingly difficult to find in today's market. The open-concept second level serves as the heart of the home, featuring high ceilings, crown molding, and a screened balcony overlooking a private wooded setting with no rear neighbors. The kitchen is designed for both daily living and entertaining with quartz countertops, stainless steel appliances, a large island with built-in pop-up outlets, reverse osmosis water filtration, wine refrigerator, spacious walk-in pantry with custom barn doors, and abundant storage. The adjacent den provides flexibility for a home office, media room, guest space, or additional living area. The third level includes the primary suite with a spacious walk-in closet featuring custom shelving systems and an en-suite bathroom with dual vanities, walk-in shower, and private water closet. Two additional bedrooms also feature custom closets, creating organized storage throughout the home. One of the property's most unique features is the 52-foot tandem garage (1142 total SF), capable of accommodating a boat and multiple vehicles or up to four vehicles depending on configuration. Additional garage features include a 36,000 BTU mini-split system, insulated garage door, overhead storage racks, and a 50-amp outlet suitable for EV charging. The living area of this home sits at 20ft elevation. Additional features include impact windows and doors throughout, Cat5 wiring for high-speed internet, concrete firewalls between residences for enhanced sound separation, a fenced backyard, and open patio space. Unlike many townhome communities, this property offers FEE SIMPLE OWNERSHIP, meaning you own both the structure and the land beneath, giving you the flexibility and freedom of a single family residents without the upkeep of the exterior maintenance. Riviera Place residents enjoy gated access, a resort-style pool, clubhouse, dog park, guest parking, and HOA services that include grounds maintenance, exterior building insurance, roof maintenance, and community amenities for only $432 per month. Flood insurance is currently approximately $612 per year. Conveniently located near Publix, Target, HomeGoods, Starbucks, MacDill Air Force Base, and Weedon Island Preserve with kayak trails, boardwalks, and nature paths along Tampa Bay, this location provides quick access to both Tampa and St. Petersburg while maintaining the privacy and security of a gated community.
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.
