3-Acre Private Oasis with In-Law Suite & New 2025 Roof – No HOA! Rare find in Rainbow Lakes Estates! Situated on an expansive 3-acre lot, this unique property offers the ultimate combination of privacy, space, and multi-generational flexibility. Best of all, enjoy the benefits of a deed-restricted community with no HOA fees or restrictions. Bring your toys and your vision—this property is a blank canvas ready to become your ultimate dream estate. The main residence is filled with character, featuring beautiful natural woodwork and an abundance of windows that flood the home with natural light. Upon entering, you are greeted by a functional entryway with a full wall of floor-to-ceiling cabinets. To the right, a cozy family room boasts a stunning, full-wall stone fireplace, seamlessly connected to the generously sized kitchen via a convenient breakfast bar. The kitchen is a delight, offering endless cupboard and counter space, along with a bright breakfast nook overlooking the sprawling backyard. Just past the family room, the home opens up into a dramatic, vaulted formal living area. French doors lead out to a spacious, screened lanai—perfect for enjoying peaceful Florida evenings. Flexible Living & In-Law Suite: The bedroom wing features two spacious guest rooms sharing a completely remodeled guest bath, alongside a primary suite with its own newly updated ensuite bathroom. Skylights and solar tubes keep the hallways bright and airy. Off the kitchen, a massive bonus room awaits your touch—perfect for a game room, formal dining, den, or home office. The crown jewel of this floor plan is the attached in-law apartment with private entrance. Complete with its own kitchen, living area, and a separate bedroom with a half bath (and immediate access to a full bath that can be closed off for total privacy), this space is perfect for multi-generational living, guests, or a private studio. Garages & Mechanicals: The oversized, deep garage with 3 stalls is a hobbyist's dream, featuring a wall of storage cabinets and plenty of room for vehicles and outdoor toys. Utility options abound with a dedicated laundry setup in the garage. Peace of Mind & Updates: • Roof: Brand New (Replaced in 2025) – Huge insurance savings! • A/C: Main unit installed in 2018 • Water Heater: Newer unit installed With a little bit of TLC and your personal design choices, this incredibly versatile property will easily become a true neighborhood showplace. Don't miss out on 3 acres of pure Florida freedom—schedule your private tour today! Key Features Cheat Sheet for Showings: • Acreage: 3 private, wooded acres in Rainbow Lakes Estates • Layout: 3 BR / 3 and ½ BA Main House + Fully Equipped In-Law Suite • Bathrooms: All 3 main house bathrooms have been beautifully remodeled • Outdoor Living: Large screened lanai overlooking a massive, private backyard • Storage: Floor-to-ceiling built-ins at entry, bonus room, and extensive garage cabinetry • Location: Minutes from the pristine waters of Rainbow Springs State Park, offering world-class kayaking, swimming, and hiking. All dimensions are approximate, See floor plan. Interested parties should verify measurements and information.
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.
