Welcome to your dream waterfront retreat in the highly sought-after Stone Island community! This stunning four-bedroom, three-bathroom home offers the perfect combination of luxury, comfort, and peaceful waterfront living. Nestled along a tranquil canal with direct access to Lake Monroe and the renowned St. Johns River chain of lakes, this exceptional property is a paradise for boating, fishing, and enjoying Florida's natural beauty. Step outside to an impressive, oversized boat dock featuring a boat lift and an expansive covered lounge area – the perfect place to entertain guests, relax with family, or cast a fishing line right from your own backyard. Inside, the home is filled with abundant natural light, creating a bright and welcoming atmosphere throughout. Decorative plantation shutters accent every window, while custom exterior French doors with built-in blinds between the double-paned glass offer both elegance and convenience. Beautiful, large-format tile flooring flows throughout the main living areas, complementing the home's open and spacious design. The enormous primary suite is a true sanctuary, highlighted by a beautiful bay window overlooking the backyard and waterfront, along with a luxurious en-suite bathroom featuring dual vanities and a relaxing Jacuzzi-style soaking tub. A separate secondary bedroom suite with its own private bathroom provides the perfect setup for guests or multi-generational living. The kitchen is designed to impress, boasting stainless steel appliances, a professional gas cooktop, built-in oven with microwave above, French-door refrigerator, gorgeous stone countertops, and a spacious center island ideal for meal preparation and entertaining. Outside, the meticulously maintained yard showcases freshly planted fruit trees, decorative landscaping, and lush greenery, while a large wood-framed storage shed provides abundant space for tools, lawn equipment, and outdoor gear. Additional highlights include a massive air conditioning system and a roof replaced in 2019, providing peace of mind for years to come. Stone Island is one of Central Florida's hidden gems, offering a truly unique lifestyle surrounded by nature and wildlife. Private winding roads weave beneath magnificent century-old oak trees draped in Spanish moss, creating an atmosphere of privacy, serenity, and timeless charm. Residents enjoy exclusive amenities including horse stables, tennis courts, a private boat ramp, and a pavilion and playground area perfect for family gatherings and community events. Golf carts are welcome on the quaint community roads, adding to the neighborhood's unique charm. Despite its secluded setting, Stone Island is conveniently located just minutes from I-4, shopping, dining, and everyday conveniences. Don't miss this rare opportunity to own an extraordinary waterfront home in one of Central Florida's most beautiful and distinctive communities – one that beautifully blends nature with charm and comfort!
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.
