Welcome to 384 Suwanee Drive in Vance--where true Lake Marion living meets charm, space, and opportunity. Tucked away on a beautifully wooded waterfront setting, this inviting cottage-style home offers the perfect blend of comfort and lake life lifestyle just in time for summer.Situated on approximately 1.18 acres (with .55 deeded and additional acreage under a marginal lease through Santee Cooper), this property provides an expansive feel with room to relax, entertain, and enjoy the outdoors. A private dock invites you to spend your days on the water--whether fishing, boating, or simply soaking in the peaceful surroundings.Inside, the home offers 3 bedrooms and 2 full bathrooms across approximately 1,737 square feet. The main living area features a spacious living and dining combination, creating an open and welcoming space for gatherings. The kitchen offers ample cabinetry along with a cozy breakfast nook--perfect for morning coffee before heading out to the lake. The first-floor bedroom is generously sized and conveniently located just steps from a full bath, offering flexibility for guests or everyday living. Upstairs, two spacious bedrooms share a Jack-and-Jill bathroom, providing a functional layout for family or visitors. Outdoor living truly shines here. A large back deck creates the ideal setting for entertaining, grilling, or unwinding after a day on the water, while the fenced backyard adds additional versatility. The charming front porch offers a quiet place to relax and take in the natural surroundings. Additional features include an attached two-car garage and a lean-to structure for covered parking or extra storage. The property also offers unique water views with a serene, cypress-lined setting that enhances the overall lakefront experience. If you've been searching for a place where you can slow down, enjoy nature, and embrace the lake lifestyle--this is it. Schedule your private showing today and experience Lake Marion living for yourself. Summer is right around the corner--don't miss your chance to make this waterfront retreat your own.
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.
