Welcome to this beautiful 4-bedroom, 2-bath split-bedroom block home located in the charming Queens Cove community. This property features a huge bonus room (14x14) that can easily be converted into a fifth bedroom with the addition of a closet. It is also already set up for a portable AC unit to be built in. There is 2,786 of Sq ft under roof this is huge. Queens Cove is a lovely HOA community with an insanely low rate of $145 per year. As you enter, you are greeted by a screened-in front porch with high ceilings, perfect for relaxing. The 2-car garage includes a washer and dryer for added convenience, making laundry days effortless. Nestled in a quiet neighborhood, this home has solid bones with a roof and AC both 11 years old, and a water heater that is only 5 years old. The entire home has recently been replumbed, ensuring peace of mind for future owners. This property is an excellent opportunity for investors, offering an impressive almost 10% cap rate on rentals. It's also ideal for a quick fix-and-flip with minimal work needed or for families willing to put in a little work. All that is needed is to fix a few minor cosmetic features. Situated on a spacious corner lot, the home features a shed for additional storage. Enclosed blind French doors lead to a huge 30x15 lanai, tiled and equipped with a ceiling fan, making it perfect for entertaining. The home is designed with tile and laminate flooring throughout providing ease of maintenance. The master bathroom includes dual sinks and a built-in vanity counter, along with a huge walk-in closet and connects to a second bedroom—ideal for a nursery or young children. The dining room conveniently connects to the kitchen, which features a small breakfast bar and a built-in desk. The galley kitchen includes stainless steel appliances, and the vaulted ceilings throughout the living areas create an airy, spacious feel. This home is eligible for USDA financing. Location is key; this home is close to restaurants and fun attractions like Legoland and Cypress Gardens. Additionally, there are plenty of lakes nearby for fishing, boating, and kayaking adventures. Schedule your private showing today to explore all the potential this wonderful home has to offer!
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.
