1603 Ellington Drive in Dundee, Florida, a three-bedroom, two-bathroom home built in 2017 and situated on a 6,316-square-foot lot in the established Ridge of Dundee community. This 1,563-square-foot residence represents the type of well-built single-family home that appeals to owner-occupants and investors seeking substantial square footage with strong equity positioning and minimal systems risk. The property has been owner-occupied since construction and reflects the care of homeowners who have maintained systems proactively and invested in meaningful upgrades. The defining mechanical upgrade is the brand-new Carrier central air system with integrated heat pump technology, installed within the past year—a feature that immediately differentiates this home from competing inventory featuring older or failing AC systems. Unlike traditional split systems or heating strips located in attics, the heat pump automatically manages temperature transitions as weather changes, providing both efficiency and convenience. The system is modern, efficient, and capable of managing heating and cooling demands for years to come. The roof is original to the 2017 construction; while the shingles are now ten years into their lifespan, a recent professional evaluation by a roofing specialist confirmed the system remains sound and does not yet require replacement. When minor water intrusion occurred in the master bathroom and garage wall—a known vulnerability on properties positioned on the ridge elevation where wind-driven rain can blow under shingles during storms—the affected areas were sealed and have remained dry through subsequent weather events. The slab foundation is stable, and the home's plumbing and electrical systems function properly. The two-car garage provides parking and storage space. The lot represents a genuine advantage: at 6,316 square feet, it is substantially larger than typical neighboring properties and offers private outdoor space. This size became available because the original neighborhood design incorporated common areas and varied lot dimensions across the development phases. The property sits in Ridge of Dundee, a 500-home community that has appreciated measurably as newer phases were completed. The neighborhood benefits from restrictive covenants that maintain property standards without prohibiting investment or rental use, giving buyers flexibility in ownership strategy. HOA fees of $400 annually cover community maintenance, and the neighborhood includes public water and sewer service, eliminating private well or septic concerns. Location advantages include access to retail shopping, dining, and medical facilities within Dundee and the surrounding area. Highway 17 provides direct regional connectivity. For owner-occupants seeking a recently built home with a new AC system, strong lot size, and equity positioning in an appreciating neighborhood, this property offers move-in ready opportunity with potential for selective cosmetic updates. For investors, the assumable mortgage at a competitive 4.5 rate, the strong lot size, the recently upgraded mechanical systems, and the HOA community standards create an attractive acquisition profile. The home is priced appropriately for the neighborhood and the current market, reflecting both the recent systems upgrade and the long-term appreciation fundamentals of the Ridge of Dundee area.
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.
