*WATERFRONT* *BELOW APPRAISED VALUE*. Welcome to a rare opportunity in the highly desirable area of Lutz, located in the peaceful Crystal Lakes View community. Waterfront Access! This spacious 5-bedroom, 2-bath home sits on 1.38 Acres and offers water views and lake access, creating a unique combination of space, privacy, and potential that is increasingly difficult to find in this area. Set on a large lot with peaceful surroundings, the property features an in-ground pool, perfect for enjoying Florida living, along with a newly built porch and new fencing that enhance the outdoor space and provide added privacy. With nearly two acres of land, there is ample room for outdoor entertaining, expansion, or creating your own private retreat. Several major improvements have already been completed, including a new roof, new hot water heater, and A/C replaced in 2020, helping reduce some of the big-ticket expenses for the next owner. The home has also passed a 4-point inspection, wind mitigation inspection, and WDO inspection, giving buyers additional confidence when it comes to financing and insurance. Inside, the large 5-bedroom layout provides flexibility for families, multi-generational living, or anyone needing extra space. While the home could benefit from some updates, with a little TLC this property has the potential to become an absolute gem. Opportunities like this—a large home on nearly two acres with water access in Lutz—are becoming increasingly rare. Even better, the property is listed below appraised value, making it an outstanding opportunity for both homeowners and investors looking to add value. Enjoy the best of both worlds: peaceful, spacious living with water nearby while still being conveniently close to shopping, dining, and major commuter routes in the greater Tampa area. Large lot. Water views and access. Major upgrades already completed. Priced below appraisal. With some vision and light renovation, this property could truly become something special.
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.
