Welcome to your next home in one of NE Pensacola’s most desirable locations! Imagine stepping outside your front door and taking a relaxing stroll or bike ride over to Hitzman Optimist Park, just moments away. This inviting home offers a layout designed for both comfort and entertaining. As you enter, you’re welcomed by a spacious living room that flows effortlessly into the formal dining area—perfect for hosting gatherings or family dinners. Just beyond, the cozy den features a beautiful brick mantle fireplace, creating the ideal spot to unwind on cooler evenings. The kitchen is ready for the home chef, featuring wraparound all-wood cabinetry, laminate countertops, and abundant storage space, along with a convenient breakfast bar for casual dining or morning coffee. Step outside and enjoy your extended open back patio, the perfect place to relax with a frosty beverage, fire up the BBQ grill, and entertain friends and family on warm Florida days. Down the hallway, you’ll find three comfortable bedrooms, offering flexibility for family, guests, a home office, or bonus space to suit your needs.This home also features a two-car garage and valuable updates including a NEW Roof (November 2018), updated electrical throughout (December 2018), NEW HVAC (2019), NEW Windows in garage (2019), NEW Hot Water Heater (2024). Both bathrooms have been thoughtfully updated while preserving the charming mid-century modern character that gives this home its unique personality. With its classic style, functional layout, and indoor-outdoor entertaining spaces, this home truly has it all. Schedule your appointment today and discover the lifestyle waiting for you here in NE Pensacola.
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.
