BUILT IN 2022, this MOVE-IN READY single-story block home in St Johns Preserve offers the comfort of newer construction with one of the largest lots in the community at .33 ACRES! Well maintained and thoughtfully designed, this 3-bedroom, 2-bath home still feels like new and sits in a GOLF CART FRIENDLY ~ GATED COMMUNITY with great AMENITIES and an ideal location close to everything Palm Bay has to offer. Inside, the light, bright OPEN CONCEPT layout creates a welcoming space for everyday living and entertaining. The kitchen, dining, and living areas flow seamlessly together, anchored by the well-appointed kitchen designed for both style and function. The home chef will appreciate the large CENTER ISLAND with bar seating, STAINLESS STEEL APPLIANCES, pantry storage, cabinets topped with crown molding, and a cheerful window over the sink that fills the space with natural light. The SPLIT BEDROOM floor plan provides privacy and flexibility with the primary suite perfectly situated on one side of the home, overlooking the backyard and offering a large WALK-IN CLOSET and spacious private en-suite bath. Bedrooms two and three are positioned on the opposite side near the front of the home with a second full bath between them, making the layout ideal for guests, family, or a home office. Outdoor living is just as inviting - enjoy mornings with your favorite cup of coffee on the COVERED FRONT PORCH or relax out back on the COVERED LANAI overlooking the massive FULLY FENCED BACKYARD (with double gate entrances!), delivering plenty of room for pets, play, or future outdoor additions. Residents of St Johns Preserve enjoy gated access, a COMMUNITY POOL, playground, and more - along with a golf cart-friendly atmosphere. The location places you just minutes from parks, sports courts, recreation areas, and a variety of shopping and dining options. With quick access to I-95, you are also a short drive to Melbourne's beautiful beaches and only about 30 minutes from the Melbourne Orlando International Airport. With a LOW HOA, newer construction, a rare OVERSIZED LOT, and a move-in ready interior, this Palm Bay home checks all the boxes. Call today to schedule your tour!
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.
