EAST HILL! MOVE-IN READY! POOL + IN-LAW SUITE! Located in one of Pensacola’s most desirable East Hill neighborhoods, this beautifully maintained 1938 home blends timeless character with modern upgrades and exceptional functionality. Perched on a spacious .28-acre lot with refreshing bayou breezes, this property offers the lifestyle buyers are looking for—just minutes from Bayview Park, featuring tennis courts, walking trails, dog parks, beaches, and a boat ramp. Inside the main home (3BR/2BA, ~1,961 SF), you’ll find refinished Red Oak hardwood floors, 9’+ ceilings, crown molding, and abundant natural light throughout. The living room showcases a large bay window and marble fireplace, while the Florida room—with built-in shelving—makes the perfect home office or flex space. The updated kitchen features granite countertops, tile flooring, pantry, and serving bar. A separate dining room adds to the home’s functionality. Step outside to a private backyard retreat designed for entertaining, complete with a covered patio, courtyard-style space, and a gated, above-grade gunite pool with new decking (2024). Wood fencing enhances privacy while maintaining an inviting outdoor atmosphere. A major bonus is the detached, heated/cooled ~500 SF in-law suite, offering a full kitchen, bathroom, laundry, cedar closet, high ceilings with exposed beams, and built-in shelving—ideal for guests, multi-generational living, or rental potential. Recent updates include a new roof (2023), HVAC (2024), high-impact energy-rated windows (2024), fresh interior paint, upgraded irrigation, and more. Additional features like hurricane shutters, roof clips, ridge vent, and a fully floored attic provide peace of mind and efficiency. Originally owned for decades by the family of Braden Ball, who served as publisher of the Pensacola News Journal during a period of growth and influence in the 1930s, the home carries a subtle connection to Pensacola!
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.
