ATTENTION ALL FISHERMEN. LOCATED ON A CANAL WITH A CONCRETE BOAT INLET LEADING OUT TO EAST LAKE TOHO. BRAND NEW ROOF JUST INSTALLED!! BRAND NEW WATER HEATER JUST INSTALLED !! The garage has a split AC/Heat unit for year round comfort while working in your garage. This is a large and lovely 2005-built home with 3 bedrooms, 2 baths, formal living room and huge family room on the navigable canal leading to East Lake Toho in St. Cloud. The long driveway and mature landscaping lead you around to the covered front porch. Enter the home to see the kitchen on your right. Granite counters, lots of cabinets, and all kitchen appliances will all stay. The formal living room is on your left, now used as an office. The family room is the heart of this home, with pass-through breakfast bar to the kitchen, and triple-wide sliding glass doors leading out to the oversized screened back porch with a great view of the back yard and canal. The primary bedroom has a walk-in closet and private bath with step-in glass shower, garden tub, and dual sinks with granite vanity top. The two secondary bedrooms share the second full bath, which has a door leading out to the back porch also. There is a laundry room leading out to the 2-car garage. Check out this desirable home located just a few blocks from East Lake Toho, and park your boat right in the canal! Close to Narcoossee/Lake Nona Corridor. An hour to the east brings you to the Atlantic Ocean, two hours to the west, and you're at the Gulf of America, Key West is to the South, and world-famous theme parks are to the north. Come to Central Florida, and be at the center of it all!
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.
