Here’s your chance to own an affordable BEACH HOUSE in the heart of Madeira Beach, just steps from the sand and moments from breathtaking Gulf sunsets. Perfectly positioned with beach access directly across the street at Caddy’s, this property offers the ultimate coastal lifestyle in one of the most desirable locations on Florida’s Gulf Coast. This 3-bedroom, 3-bath beach cottage features an open-concept layout with a spacious kitchen, living, and dining area designed for easy living and entertaining. The large primary suite includes a walk-in closet and private ensuite bath, adding comfort and functionality. Step outside to a truly unique and fully fenced backyard oasis built for entertaining, complete with a custom outdoor bar, dedicated cornhole court with sand alley, paver patio, raised wooden deck, and ambient string lighting. The garage has been thoughtfully converted to enhance the outdoor experience and includes a 12x9 climate-controlled space—ideal for storage, tools, or even a keg setup. A large Lifetime shed adds even more storage flexibility. The low-maintenance yard, paved driveway, and ample parking make this property as practical as it is fun. Originally renovated in 2015, the home offers a strong foundation for its next owner, including mostly (around 90%) updated electrical, PVC plumbing, hurricane-impact windows and doors, and a roof approximately 10 years old. The home sits on a raised crawl space. While the property did experience flooding during Hurricane Helene, it has been officially deemed NOT substantially damaged, offering a valuable opportunity to restore, customize, or reimagine the space to your vision. Flood insurance is assumable, providing additional peace of mind. Located just minutes from John’s Pass, local restaurants, shopping, and entertainment. With trolley access nearby, this home is ideal as a primary residence, vacation getaway, or investment property.**Interior pictures include both pre and post storm**
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.
