Exciting opportunity to own an updated and modern triplex located in the highly sought-after Jungle Terrace neighborhood of St. Petersburg! This income-producing property offers excellent cash flow potential, featuring an inviting in-ground pool and a one-car garage, all in a desirable high-and-dry location with no flood insurance required. Unit A, the main house, features 3 spacious bedrooms and 2 updated full bathrooms, with a newly renovated kitchen and modern wood-look flooring. Residents enjoy a private front porch and fenced yard as well as in-unit laundry add to the convenience. Unit B, located on the ground floor, offers 1 bedroom and 1 full and one half bathroom, with a modern kitchen and wood-look laminate flooring and in-unit laundry. Unit C, located upstairs, presents a spacious 1 bedroom, 1 bathroom apartment with a large open living space, modern kitchen, and a big walk-in closet. This unit has a recently renovated bathroom and in-unit laundry to complete the package. Secluded by a wood privacy fence, the pool area offers a spacious deck perfect for sunbathing and is shared by all tenants, creating a delightful communal space to relax and enjoy the Florida lifestyle. Additional features include a New Roof 2023, Central AC Unit A 2017. Each unit comes equipped with its own washer/dryer. Situated in an excellent St. Pete location, just a short drive to Madeira and Treasure Island Beaches, Tyrone Mall area shops, and downtown St. Petersburg’s nightlife and culture is just a quick 15-minute drive away! This is a unique opportunity to own a well-maintained, easy to rent, cash flow positive investment property in a sought-after St. Pete neighborhood! Main house and upstairs tenant are on month-to-month leases, offering flexibility for an owner-occupant buyer. Don't miss this rare opportunity to acquire a cash-flow-positive investment property with a pool in a highly desirable St. Petersburg 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.
