Welcome to 4072 King Richard Dr - a rare find in Sarasota's desirable Nottingham neighborhood. This meticulously updated 4-bedroom with loft, 2 bathroom over 2,000 square feet of bright, open living space on a sprawling .31 acre lot. Whether you are looking for a dedicated home office or space for growing a family-this floor plan delivers. You're just minutes from the best of Sarasota - from elite shopping at UTC to the beautiful sands of our local beaches to down-town Sarasota and quick access to I-75. Don't miss your chance to own a spacious and classic, sturdy Florida home foundation in one of the city's most established residential enclaves. This amazing home has been remodeled inside and out which includes new kitchen to include customized cabinets and new appliances, new bathrooms, all new premium flooring and fresh interior/exterior paint. Also offers, completely updated plumbing which offers a peace of mind to the buyer, epoxy coating on the 2 car garage floor with washer/dryer hook-up with utility sink. Landscaping is low maintenance with timed irrigation for the front bed areas. This home has vaulted ceilings with natural wood beams and the unique 4th bedroom with a loft are attractive architectural details that are located on the 2nd floor of the home. This home was loved by the seller's who raised their family here. Nottingham neighborhood is quiet, well established and has a friendly neighborhood feel which has mature tree lined streets and midsize, traditional homes. This is a beautiful home for you!
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.
