Boat slip Leasable to the public and lower HOA with this Short Term Rental that is , on the sound. Experience easy coastal living in this beautifully updated first-floor sound side waterfront condo on Okaloosa Island. Offering the perfect blend of comfort, convenience, and waterfront views, this unit is ideal as a primary residence, vacation getaway, or investment opportunity. Inside, the condo has been recently repainted and features thoughtful upgrades throughout. The kitchen includes a recently replaced garbage disposal, while major systems provide added peace of mind with a new HVAC system and circuit breaker box (Oct 2024) and a water heater installed in 2020. The bathroom has been refreshed with a new vanity, and closets have been redone for improved storage and functionality. A new picture window (installation scheduled for end of April) will further enhance natural light and highlight the setting. Additional features include keyless entry and Ring cameras covering doors and windows, with rechargeable batteries (extra batteries provided). Located on the first floor for easy access, this sound side unit offers tranquil views across the water toward downtown Fort Walton Beach; perfect for enjoying seasonal fireworks and boat parades at the Landing. Community amenities include a small private beach for residents, a small boat launch (currently in works to be repaired), community laundry room and an assigned boat slip (leasable) with electricity and running water at the dock. Conveniently situated near public Gulf beach access, as well as local restaurants, shopping, and entertainment, this property combines coastal charm with everyday practicality in a highly desirable location.
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.
