Whether you spend your Saturdays at a local farmers market or fishing for bass in the pond, this charming home blends timeless elegance with immense potential on 1.82 acres in North Fort Myers. Elevated above the floodplain with a FEMA X flood designation, the house is exempt from most flood insurance requirements, and it is connected to Lee County Utilities' water lines. No more worring about dropping your well during a drought or water intrusion during storms! The house isn’t perfect – she’s 53 years young after all!—but she’s eager to host a new chapter of unforgettable memories with several recent updates: - Renewal By Andersen, hurricane-rated impact French doors with a 30-year transferable warranty in 2025 - Renewal By Andersen, Kevlar window covers for hurricanes with a 10-year transferablewarranty in 2025 - Solar gate panel in 2025 - 24-ft above-ground pool, fully grounded and built on a gorilla pad in 2025 - Metal roof in 2023 - Dual tank septic system and drain field in 2023 - Hot water heater in 2023 - 6-seater hot tub and cover in 2022 - Fully screened front porch in 2022 The property features a fully insulated, air-conditioned detached metal garage with an RV pad and covered parking for at least 3 cars or up to 6 tandem spaces. It also includes a 50-amp outlet for RVs or Level 2 EV charging. On the opposite side of the property, there's also a separate insulated office space with a new metal roof, making this the perfect property for a home-based business! The interior of the house has been completely modernized, featuring nearly indestructible Pergo flooring, a large safe in the master bedroom, three renovated bathrooms, and a stunning chef’s kitchen with a pot filler over the induction cooktop. Although the property is currently zoned RS-1, it has the potential to be rezoned to AG-2. This could allow you to keep your horse close to home and ride in the County’s Pop Ash Creek Preserve, less than half a mile away, or establish a homestead with chickens and a sizable garden. Additionally, there is ample space and legal allowance in place for an additional unit of density to build a detached, fully equipped mother-in-law suite overlooking the stocked pond. Enjoy the rural lifestyle only 20 minutes from downtown Fort Myers, 15 minutes to Babcock Ranch, and 30 minutes to downtown Punta Gorda.
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.
