STONE ISLAND - 193’ ON CANAL - .64 ACRE - BOAT TO LAKE MONROE! Super floorplan ideal for casual waterfront living. A true GREAT room - 800 SF open area with kitchen, dining and great room leading out to the 25’ screened porch, paver patio and HUGE yard. The kitchen has glazed wood cabinetry, granite counters, dining bar with seating for 6 and stainless appliances.High ceilings, large windows, and glass doors leading to the patio flood the home with natural light and enhance the sense of openness. Split floor plan with three bedrooms and two full bathrooms affords the most active family privacy. The spacious 2 room primary suite is a true retreat, opening through French doors and offering a cozy seating area with glass doors leading directly to the back patio. Just off the primary suite is a large bonus room—ideal for a home office, nursery, fitness room, or expansive dressing space—also featuring private access to the patio. The primary ensuite bathroom includes double vanities, soaking tub, a walk-in shower, and a walk-in closet. The secondary bedrooms and full guest bathroom are situated off the main living space, with the guest bath offering direct access to the backyard. The 12’ laundry room, complete with cabinetry, is conveniently located off the main living space and provides access to both the garage and the exterior. The oversized lot features mature landscaping and ample space for boat and RV parking. The screened-in back patio showcases Spanish tile and offers serene views of the canal. Just beyond, a paver patio creates the perfect outdoor entertaining and living space. The backyard is partially fenced, providing flexibility for pets. Well maintained AC new in 2025 and water saving sprinkler runs from canal. Stone Island is a rare Florida gem nestled along Lake Monroe, part of the St. Johns River. This unique community is known for its large oak trees and peaceful setting. Including pickleball courts, acres of parks and recreational space, a private boat ramp and dock, horse stables(for a fee), and golf-cart-friendly roads. Located just minutes from everyday conveniences and the popular Rails-to-Trails bike path. EVERYONE LOVES STONE ISLAND!
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.
