A majestic 250-year-old oak tree canopy grace Oak Tree Cottage. Surrounded by Mexican Sunflowers, Bougainvillea, Hibiscus, Bird of Paradise, stately Pecan trees and fragrant Honeysuckle and Jasmine, all your senses are engaged as you immerse yourself in this space. Come experience the charm of this home. Its wrap around old Florida traditional porch is perfect for entertaining or just enjoying your quiet morning coffee with an eastern and southern exposure to brighten your day. In the evening relax on the veranda swing with a glass of pinot or iced tea, as the sun sets, and enjoy the southern hospitality of your neighborhood. This 2-bedroom 2 bath 1930s cottage with the curb appeal of old Florida, provides 1,164 sq. ft. of living area, including a captivating garden house structure already in place, just waiting for an internal build-out and build-up (adding an additional 250 sq. ft. of living space), sparked by your unique personal touches and imagination. This home elegantly preserves the past with its original heart of pine floors, its sash, paned back bedroom windows, its original entry doors and its marble entry stairs. At the same time Oak Tree Cottage is painted throughout with organic paint. New state of the art stainless steel appliances including a Bosh dishwasher, LG French door refrigerator, multi-Pure water dispenser, grace the kitchen. Impact resistant New South hurricane windows protect the living and dining rooms ensuring safety and quiet within. A backyard garden swing and a small back porch deck provide a secondary retreat into nature. A five-year-old galvanized metal roof with a new gutter system, as well as a new side ramp for walking and delivery ease, round out the home. This is a unique well-cared for property inviting new owners who appreciate nature and tradition, yet value modern, convenient and eclectic surroundings. All information pertaining to the property is deemed reliable, but not guaranteed. Information to be verified by the Buyer. Be advised that cameras may exist recording audio and video inside/outside the property, such as ring doorbells. Photos are digitally enhanced and could be altered, please verify.
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.
