In the Heart of Cocoa Beach with endless possibilities is this beautifully renovated 4 bed 3 bath home that spans 2,332 sq. ft. and features a full income producing studio apartment with a separate entrance and fenced in yard making this ideal for extra income, AirBNB or guests. The main part of the house opens up to yet another opportunity for additional income, guest suite or an amazing Florida room. Just bring the pool table! From keeping this as a single family home, multi generational family use or an investors dream this is the one. The front yard is hardscaped with a large paver circular driveway allowing for plenty of parking, lush landscaping, hammock under the palms and a hangout area with firepit. Walking up you have screened front porch that takes you into the main house area with large living room and kitchen. The kitchen has all new cabinets with granite counters with a bar top and dining area. ou have 2 bedrooms with one large enough for 2 queen beds. Through the back bedroom you have a door that leads to a back room/living quarters. The back quarters has a full bedroom, living space and kitchenette. Also a private backyard that's fenced in. Off the kitchen you'll notice a door that leads into another living quarters with a full kitchen, living space and bedroom with bathroom. This space has a breakfast nook and a screened in porch. Private side yard space with hammock. Laundry space equipped with 2 washers and 2 dryers making it perfect for larger families. The backyard space has a closed in outdoor shower with hot water. Out back is another firepit area and 2 large sheds for storage. This home comes fully furnished and setup the way you see it. Roof is only 5 years old.
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.
