If you're looking for a luxurious and low maintenance lifestyle at the beach, here it is! This tastefully and beautifully decorated three bedroom, two bathroom condo is located in Edgewater building six at Barefoot Resort in North Myrtle Beach, South Carolina. Edgewater Resort is a gated community and is the only Barefoot community located on the Atlantic Intracoastal Waterway; just minutes to the beach! This unit features updates including: new LVP (luxury vinyl planking) flooring, new carpeting, and fresh paint. The unit also boasts a bright, spacious open concept, high ceilings, screened in porch, whirlpool tub in the primary bath with a separate shower, a storage closet right outside the unit, assigned parking in the parking garage for a golf cart or vehicle. Edgewater community showcases amazing amenities including: gated access, private building access with elevators, a private clubhouse with a fitness room, saltwater pool and hot tub overlooking the intracoastal waterway, access to the oceanfront Barefoot Beach Cabana, seasonal free shuttles to the ocean front cabana, and a community floating dock. Living here you are surrounded by four golf courses, and two clubhouses in the area, walking trails as well as an onsite marina. Don't forget to check out the virtual tour, but most importantly, call your Realtor to schedule an in person showing to see all the beauty and benefits of being an owner of this unit and the community!
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.
