Waterfront perfection in the undisputed, world’s best neighborhood, Riviera Bay. Take a breath… because this one is special. From the moment you step through the french doors, your eyes are immediately drawn through the home to the shimmering waters of Sun Lit Cove. Situated on an expansive 11,000+ square foot lot—larger than most in the neighborhood—this mid-century modern beauty blends timeless architecture with thoughtful, high-end updates. With over 2,000 square feet of living space, three spacious bedrooms and two bathrooms. The extra long, one-car garage provides excellent storage and functionality. Inside, gleaming terrazzo floors and vaulted ceilings create light and volume. A full wall of sliding glass doors seamlessly connects indoor and outdoor living, filling the home with natural light while framing spectacular waterfront views. The kitchen is exactly where you want it—open, modern, and perfectly positioned to capture views of the cove while staying connected to the main living space. The owner’s suite offers a calm and private retreat with an elegant ensuite bath, two closets including a spacious walk-in closet. Poolside lounging under the covered lanai, an outdoor shower for post-swim rinses, and mature tropical landscaping featuring mango, banana, and coconut trees create a backyard that feels like your own private retreat. Nearly 100 feet of strong seawall lines the waterfront, with two covered boat lifts—a 10,000 lb covered lift for your larger vessel and a 7,000 lb lift for spontaneous sunset cruises. A 30-amp hookup at the dock supports your boat while another 30-amp on the parking pad supports an RV, trailers and water toys. Lastly, the hot tub pad is set up for 60-amp. Dolphins and manatees are frequent visitors, adding a magical touch to everyday living. In Riviera Bay, community truly matters. Residents enjoy a private community boat ramp, two waterfront parks, golf cart parades, the beloved Christmas Eve Boat Parade, and American flags lining the streets every Fourth of July. As the locals say, “It’s always a great day in Riviera Bay.” All of this is just minutes from vibrant downtown St. Petersburg, a short drive to Tampa and beaches with convenient access to two international airports.
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.
