Once-in-a-lifetime private compound opportunity in Chuluota, less than a mile from Lake Mills Park! Situated on 1.39 acres, gated and fully fenced with no HOA and A-5 zoning allowing for horses and/or livestock, this rare property offers 7 bedrooms, 5 bathrooms, 5,432 total living square feet, four separate living quarters, multiple permitted buildings, income potential, and a level of flexibility that almost never comes available for purchase in this area! The main residence was built in 1971 and features 3 bedrooms and 2 bathrooms, with appliances installed in 2025, flooring installed in 2023 and 2024, a bathtub replaced in 2025, a new 2025 water heater, almost all windows replaced between 2020 and 2022, a 2015 roof, generator hookup, 2025/2026 paint, 2026 landscaping, and 2026 fence rehab and treatment. Connected to the main house by a long covered walkway is a separate building that includes two additional private living quarters with their own separate entrances and no interior access between them. One side offers a huge living area, 2 bedrooms, 1 bathroom, and a full kitchen, creating an ideal guest house, man cave, in-law suite, adult-child setup, or income-producing opportunity. The other side offers a private 1 bedroom, 1 bathroom living space with a kitchen and its own screened porch. A fourth private living quarter is located in another detached building and includes a bedroom and bathroom, with the bathroom certified as a business bathroom and handicap accessible. This space does not include a full kitchen, but adds even more flexibility for extended family, guests, office use, studio space, or other creative needs. Beyond the living quarters, the property includes a permitted 2024 building of approximately 450 square feet with a roll-up door and high ceilings, making it perfect for boat parking, equipment, storage, workshop space, or future possibilities. Toward the rear of the property is another large building, constructed and permitted in 2017, currently used as office, workshop, and utility space. For the savvy business owner who wants office or work space right outside the front door, this setup is incredibly compelling. The property is supported by 3 septic tanks, 1 well, and 3 electric meters, giving the compound-style layout practical infrastructure to match its rare flexibility. Whether you are looking for a multi-generational family estate, a private rural retreat, income potential, space for horses or livestock, room for boats and equipment, or simply a property with separation, privacy, and options, this one stands apart. Located about one mile from Lake Mills Park, a 50-acre Seminole County park with free public access, a public boat launch, fishing pier, picnic pavilions, playground, campground, and recreational access to Lake Mills. Enjoy a peaceful Chuluota setting while still being near Oviedo, UCF, major roadways, shopping, dining, and highly regarded Seminole County schools including Walker Elementary, Lawton Chiles Middle, and Hagerty High School. Properties like this rarely come available. Four private living quarters, 1.39 acres, no HOA, A-5 zoning, multiple outbuildings, income potential, business/workshop flexibility, and proximity to Lake Mills Park all combine to create a truly unique opportunity.
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.
