Welcome to 1503 Auburn Oaks Blvd! Set at the entrance of the highly desirable Auburn Oaks community, this spacious custom built, two-story home offers one of the most recognizable settings in the neighborhood, with an elevated position with views of Lake Ariana's beautiful sunrises and sunsets. With approximately 2,900 square feet of living space, 4 bedrooms, 2.5 bathrooms, multiple living areas, and an oversized lot, this property delivers the space, location, and long-term potential that buyers are looking for in Auburndale. The floor plan is designed with room to spread out. Downstairs features a large private office, formal dining room, spacious living room, kitchen with island and breakfast bar, breakfast nook, half bath, laundry room, and an additional rear living space lined with sliding glass doors that open to the backyard. This layout provides excellent flexibility for everyday living, entertaining, working from home, or creating multiple gathering spaces. Upstairs, all four bedrooms are thoughtfully positioned together along with two full bathrooms, a loft area, and an additional bonus room. Both upstairs showers have been updated, adding a valuable improvement to an already functional second-floor layout. The primary suite offers generous space, while the additional bedrooms, loft, and bonus room create options for guests, hobbies, media, play space, or a second office. Outside, the oversized lot is a major highlight. The property offers a massive side yard, open green space, and plenty of room to add a pool if desired. The elevated homesite captures impressive views across Lake Ariana and gives the home a presence that immediately stands out. The oversized 33x22 three-car garage provides exceptional storage with built-in racks and ample space for vehicles, tools, golf carts, lake toys, or workshop needs. Auburn Oaks is a small, established, and highly sought-after community known for its larger homes, peaceful setting, and convenient location near Lake Ariana, downtown Auburndale, shopping, dining, schools, and major roadways. The interior offers an opportunity for a buyer to update finishes to their own taste, but the setting, size, views, lot, garage space, and neighborhood are the features that truly separate this home from the rest. As an added benefit, the seller is offering a $10,000 credit toward flooring upgrades, closing costs, or buyer concessions. The home also includes an assumable FHA mortgage for qualified buyers, with an approximate remaining balance of $251,000 at a 2.875 interest rate, originally started in 2020 (Estimated to $1,041/month with principal and interest) . Roof is approximately 7 years old, as it was replaced in 2019 This is a rare chance to own a large home with incredible views, real usable space, and excellent upside in one of Auburndale’s most desirable small communities.
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.
