Unlock Unbeatable Value: Assume an FHA Loan at an Astounding 3.49% Interest Rate! Seize a truly rare opportunity to own a meticulously maintained 3-bedroom, 2.5-bathroom townhouse in Palmer Place at Artistry, Sarasota, for an unbeatable price of $312,000. What makes this offering truly exceptional is the potential to assume an existing FHA loan at an astounding 3.49% interest rate! This is your chance to secure an incredibly low mortgage payment and significantly enhance your homeownership affordability in a vibrant community. Built in 2019, this spacious 1,758 SqFt home presents a fantastic blend of comfort and convenience, ready for you to move in and personalize to your taste. Step inside to an inviting layout that reflects modern design principles, providing ample space for everyday living and entertaining. While showcasing its original builder quality, this home has been meticulously cared for, offering a clean canvas for you to infuse your personal style and desired upgrades over time. Enjoy peaceful moments and picturesque scenery from your private back patio, which boasts tranquil lake views – a serene backdrop for morning coffee or evening relaxation. The convenience continues with an attached one-car garage, providing secure parking and additional storage. Palmer Place at Artistry is a community designed for ease of living, offering a pet-friendly environment and the flexibility of renting your unit one time per year with an 8-12 month lease, providing a potential income opportunity. Location is key, and this home delivers! You're just moments away from area shopping, diverse dining options, and recreational parks. Plus, the world-renowned Siesta Key Beach is a convenient 14-mile drive, making weekend getaways effortless. Don't miss this rare opportunity to own a well-located, well-maintained home with fantastic potential in the heart of Sarasota County. This is your chance to refine a home to your exact specifications while securing an exceptionally low mortgage rate and enjoying all that the vibrant Sarasota area has to offer! Schedule your showing today – this value won't last long!
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.
