Welcome to lake living! This remarkable property offers an exceptional opportunity to embrace a lifestyle of serene waterfront enjoyment and comfortable living. The home is turnkey ready to enjoy the lake lifestyle today with a great potential to expand and make your own in the future. Enjoy every sunset as you look onto Red Bridge Park including 4th of July fireworks. Watch abundant wildlife and enjoy the shade of the mature trees. The home features three bedrooms, two full bathrooms, and an open floor plan that captures spaciousness, natural light, and views. The living room has a beamed vaulted ceiling and western facing windows to capture those sunsets. Engineered bamboo hardwood floors throughout. The primary bedroom offers an ensuite bathroom for privacy. The main bathroom features a double vanity. This captivating waterfront property boasts two private docks for direct water access. Includes newer 4,500lb floating lift with metal canopy, 4,000lb cable lift, and mutiple boat sparking spots (could be leased out for income potential). Located in a no wake zone with ample water depth, docks and lifts have extended life and lower maintenance. Maintenance free composite deck along house. Recently added wood deck with hot tub and stairs down to the water. Other features include: new roof, tankless hot water heater, ornate black metal fence around the home, heated garage with work bench, and storage shed. Within walking distance to nearby restaurants and community activities througout the year. No homeowners association.
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.
