Skip the costly renovations and step right into a beautifully preserved bungalow where the massive financial investments of modernizing a historic home have already been handled for you. Perfectly situated just minutes from vibrant Downtown St. Pete, the Grand Central District, and Gulf beaches, this home's central location pairs flawlessly with the massive out-of-pocket savings you'll realize on day one. Right from the curb, you are greeted by an oversized parking layout thanks to the ? EXTENSIVE PAVER DRIVEWAY AND BACKYARD PATIO INSTALLED IN 2024. This massive paved space extends well past the wooden privacy gate, providing abundant off-street parking for multiple vehicles, a boat, or a trailer. Inside, an enclosed front sunroom with durable tile flooring offers a bright, welcoming flex space. Moving into the main living and dining areas, you'll find gorgeous original hardwood floors, arched doorways, and classic decorative ceiling medallions. Your long-term comfort and energy savings are secured by the ? NEW WINDOWS THROUGHOUT INSTALLED IN 2019 and a ? COMPLETE HVAC SYSTEM REPLACEMENT IN 2021. The kitchen offers wood cabinetry, under-cabinet lighting, a stained-glass exterior door, and is fully equipped with ? STAINLESS STEEL GAS APPLIANCES INSTALLED IN 2023. A spacious indoor laundry room sits conveniently just off the kitchen. More importantly, the critical hidden infrastructure is modernized: the ? ENTIRE HOUSE WAS REDONE WITH PVC PLUMBING IN 2021, and the ? ELECTRICAL WAS COMPLETELY REDONE IN 2021, featuring a valuable Duke Energy Cap on the main house panel. Both bedrooms retain their original hardwood floors and offer convenient reach-in closets. The shared bathroom is tastefully updated with a marble-look vanity and oil-rubbed bronze fixtures. For the ultimate Florida lifestyle, the primary bedroom provides direct access to your private wooden deck, which features an outdoor sink and a luxurious multi-jet full outside shower enclosed by corrugated walls. The backyard also includes an ? ABOVE-GROUND POOL INSTALLED IN 2024 with a custom wood deck and stairs, just needing a quick drain and scrub to be summer-ready. The outbuildings deliver incredible additional value. The detached garage is fully equipped with lights, electricity, and two working AC units. Finally, the property features a ? BRAND NEW TUFF SHED, FULLY INSULATED WITH AN AC UNIT AND A NEW ELECTRICAL SUBPANEL. Wood flooring is included and ready for your installation, making this the perfect turnkey workshop, home gym, or office.
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.
