If you've been waiting for the right Alva property to hit the market, your search may be over!!!Not often does a property offer this combination of privacy, storage, outdoor living, and expansion potential on a half-acre homesite in Alva. Situated on a HALF-ACRE homesite in FLOOD ZONE "X", this 3-bedroom, 2-bath home features a split-bedroom floor plan, an OVERSIZED DETACHED 2-car garage, and room for boats, RVs, trailers, and additional vehicles. Located on a dead-end road with only one other home on the street, this property offers privacy while remaining convenient to shopping, dining, schools, and everyday amenities. Interior features include tile flooring in the main living area, LVP in the bedrooms, crown molding, Hunter Douglas plantation shutters, Hunter Douglas motorized Silhouette shades, ceiling fans throughout, and a family room with a pallet-board accent wall, large picture window overlooking the backyard, and sliding glass doors leading to the covered and screened lanai. The galley kitchen offers real wood cabinetry, granite countertops, updated appliances, breakfast bar seating for three, and a Culligan reverse osmosis system. Both bathrooms have been tastefully updated. The primary suite features a walk-in closet with custom shelving and organizers, along with a spacious primary bathroom featuring an updated walk-in shower. Major improvements include a 5V metal roof-over completed in 2014, Hardee Board Siding, PGT windows, updated ductwork, water treatment system replaced in 2020, water heater approximately 5 years old, garage door springs replaced in 2019, and Blink security cameras around the exterior. The outdoor living area includes a large covered and screened lanai with travertine tile flooring, tongue-and-groove ceilings, and ample space for outdoor dining, entertaining, and relaxing. A covered breezeway with a matching tongue-and-groove ceiling connects the home to the detached garage. The oversized detached garage offers ample room for vehicles, storage, workshop space, hobbies, collectibles, or recreational equipment. The expansive driveway provides parking for boats, RVs, trailers, and multiple vehicles. There is a 50-amp plug for an RV. Additional exterior features include a hurricane-anchored 20' x 40' Carolina carport and a detached enclosed shed for additional storage. Bring the kids, chickens, boats, RVs, and all the toys. With a half-acre homesite, oversized garage, covered parking, outdoor living space, and numerous updates already completed, this property embodies the lifestyle that draws so many buyers to Alva.
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.
