Short Sale. Welcome to your new home in Dover Shores! This recently renovated home features an open-concept floor plan with crown molding throughout and newer HVAC, solar water heater, windows, and wood-look tile flooring, creating a bright and welcoming atmosphere from the moment you enter. To the left of the entry, you’ll find a spacious dining area seamlessly connected to the upgraded kitchen, complete with renovated cabinetry, updated countertops, and an open layout perfect for entertaining. Across from the kitchen is the family room, showcasing a custom built-in entertainment center and flowing effortlessly into the formal living room. The formal living room features glass sliding doors that open to a screen-enclosed patio and fully fenced backyard, ideal for relaxing or hosting guests. The split-bedroom layout offers privacy and functionality. Two secondary bedrooms with a shared full bathroom are located off the living room, while the primary suite includes an ensuite bathroom with unfinished areas that will be conveyed in their current condition, allowing for customization and added value. The screened patio also includes unfinished areas that will be conveyed in their current condition, providing an excellent opportunity for a buyer to complete remaining projects to their taste. Unbeatable location! This home is centrally located in the heart of Orlando, just minutes from top-rated schools, the Orlando Science Center, Lake Underhill, popular shopping and dining destinations, and offers easy access to FL-408 and I-4. Downtown Orlando is just 12 minutes away, making commuting and city life a breeze. Short sale opportunity with tremendous potential in a sought-after neighborhood. Don’t miss your chance to own this Dover Shores home, schedule your private showing today!
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.
