Welcome to this exceptional former model home in the highly sought-after Lakes of Mount Dora. This home has a thoughtful design, upscale finishes, and resort-style outdoor living with heated saltwater pool, screened enclosure, built in gas grill and extended covered lanai! From the moment you arrive, the curb appeal, professional landscaping, the expanded garage space and 1/3 acre corner lot, set the tone for what awaits inside. The newly added separate one-car garage provides incredible flexibility for a golf cart, workshop, storage, or hobby space. Built with an abundance of upgrades and designer touches, this Medallion Palm Island former Model home showcases elegant volume ceilings, engineered hardwood flooring throughout and tasteful architectural details Double front doors with privacy glass welcome you into the elegant entry foyer accented with marble tile details. The open dining room flows seamlessly into the spacious living area, which features raised wood ceiling accent, built-in bookcases, an electric fireplace, and an inviting layout perfect for both everyday living and entertaining. The gourmet kitchen overlooks the living room with breakfast bar, granite countertops, marble backsplash, newer Bosch dishwasher, built in oven and microwave, induction cooktop with vented hood, Samsung Chef collection refrigerator, walk in pantry and a built-in bench seat providing additional seating. The Family/flex room is thoughtfully designed for entertaining, featuring built-in cabinetry and countertops, a stylish wet bar area with underlit countertops, a bar sink, ice maker, mini refrigerator, and wine cooler. The primary suite offers a peaceful retreat with tray ceiling, door leading to the pool and an ensuite spa-inspired bathroom features a soaking tub, walk in shower dual sinks, private water closet & large walk-in closet. The guest spaces provide privacy and flexibility. The third bedroom is currently being used as a beautifully designed office with custom built-in desks, creating the ideal work-from-home setup while still offering the versatility of a bedroom if desired. Both the living room and Family room feature pocket sliding doors that open seamlessly to the pool and covered lanai area, creating an indoor-outdoor living experience. Step outside to your own private backyard oasis, where the current owner added a stunning custom heated saltwater pool complete with a sun shelf and soothing water feature, creating the perfect setting to relax or entertain year-round. The screened lanai is designed for effortless outdoor living, featuring a built-in 32-inch grill and sink, making it ideal for hosting gatherings, dining al fresco, or simply enjoying Florida’s beautiful weather. Other features include HVAC 2 years new, Pest tubes, security system, rain gutters, transferrable termite bond. Located in the 55 + gated, waterfront community of Lakes of Mount Dora, residents enjoy an incredible lifestyle with amenities including a clubhouse, pool, library, billiard room, fitness center, trails, tennis, pickle ball and shuffle ball courts. Cable, internet, trash and irrigation included in the HOA. Just minutes from charming downtown Mount Dora with its restaurants, shops, festivals, and waterfront parks, this home offers the perfect blend of luxury, comfort, and convenience. Orlando, theme parks and beaches are just a short drive away via Wekiva Parkway and 429 connectors. Some furnishings are negotiable.
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.
