Exceptional opportunity to own the most attractively priced Gulf-access home on the water in the highly desirable Pelican area of Southwest Cape Coral. This move-in ready 3-bedroom, 2-bath, 2-car garage residence offers the perfect blend of comfort, character, and true Florida waterfront living. The updated kitchen showcases granite countertops and a striking backlit tin ceiling that replaced the original dome design, beautifully accented with oversized crown molding. Tile and wood flooring flow seamlessly throughout. The spacious 25’ x 13’ primary suite features two sets of French doors leading to the rear of the property, creating effortless indoor-outdoor living. The generously sized en-suite bath includes a large walk-in closet. For added peace of mind, the home is equipped with both manual and electric shutters, as well as a Culligan whole-home water system. Situated on an 80’ x 125’ lot, the property is framed by mature tropical landscaping and multiple varieties of palms, along with producing fruit trees including mango, Florida peach, kumquat, avocado, cherry, and coconut. Boating enthusiasts will appreciate the 12,000 lb boat lift, outdoor shower, and Gulf access. The boat is negotiable and may convey with the sale. With assessments paid in full, this property represents outstanding value in one of Cape Coral’s most sought-after waterfront neighborhoods. Schedule your private showing today and start enjoying the Southwest Florida boating lifestyle.
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.
