Welcome to Cherryridge at the Estates at Cherry Lake, a beautifully maintained 3 bedroom, 2 bath home offering 1,824 square feet of comfortable living in Lake County. Recent major updates include a brand NEW ROOF in 2025, FRESH EXTERIOR PAINT in 2025, a NEW A/C UNIT (2023), and all NEW WINDOW BLINDS (2025), providing peace of mind for years to come. The home is set on a spacious lot with NO REAR NEIGHBORS, mature trees out front, sidewalks throughout the community, and a quiet neighborhood feel. Upon entry, you are welcomed by an open and airy floor plan filled with natural light pouring in through the front windows. Updated interior paint and light fixtures complement the inviting layout, while ceramic tile, laminate flooring in the kitchen, and brand NEW CARPET THROUGHOUT (2026), create a comfortable and cohesive flow. Upon entry, you have convenient garage access, a dedicated laundry room, and a formal dining room currently in use as an office. The split bedroom layout offers added privacy. The large eat in kitchen is a true highlight, featuring stainless steel appliances including a NEW REFRIGERATOR (2024) and NEW OVEN (2021), wood cabinetry, tile backsplash, a NEW KITCHEN SINK (2021) with UPDATED FAUCETS (2021), and plenty of space for casual dining. A separate breakfast nook or formal dining room at the front of the home adds flexibility for entertaining or everyday meals. The spacious family room offers carpeted flooring, a ceiling fan, and sliding glass doors that open to the screened enclosed back porch. This private outdoor retreat overlooks the backyard framed by mature trees with no rear neighbors, creating a peaceful setting ideal for relaxing or enjoying the outdoors. Updated exterior lighting enhances curb appeal and evening ambiance. The primary suite is generously sized and thoughtfully designed, featuring a ceiling fan, a customized walk-in closet with BUILT-IN STORAGE (2022), and an en suite bathroom with ceramic tile flooring. The spacious primary bath includes dual sinks, a garden tub, and a separate shower stall. Bedrooms two and three feature carpet, ceiling fans, built in closets, and easy access to the second bathroom. Cherryridge at the Estates at Cherry Lake is a hidden gem in Lake County, loved for its scenic surroundings and outdoor lifestyle. Residents enjoy close proximity to Cherry Lake Park, Waterfront Park, beautiful lakes, fishing spots, walking and bike trails, and rolling hills that define the area. The community is also conveniently located near great schools, shopping, dining, and everyday amenities, offering a perfect blend of peaceful living and accessibility. Schedule your private showing today!
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.
