Welcome to this charming and thoughtfully updated 3-bedroom, 2-bathroom home nestled on an oversized corner lot in the heart of Northwood. Tucked quietly into the neighborhood, you will enjoy the sounds of birds and rustling trees rather than traffic, which is a rare find this close to everything Gainesville has to offer. Step inside and you will immediately notice the open, flowing layout that lives much larger than expected. LVP and hard flooring run throughout the home, and fresh interior paint gives every room a clean, move-in ready feel. A flexible second living space adds versatility to the floor plan. Use it as a formal dining room, home office, playroom, or additional sitting area. The layout truly adapts to your lifestyle. The home has been well maintained and thoughtfully updated where it counts. A 2021 roof, newer HVAC, and a large open kitchen featuring nearly brand new stainless steel refrigerator and range, mean the big ticket items are already handled, giving you peace of mind from day one. The attached single-car garage adds convenience and storage, and the fully fenced oversized corner lot provides privacy, space, and room to make it your own. Out back, sliding glass doors open onto a concrete patio sitting beneath a canopy of mature trees that create a shaded, private outdoor retreat. The lot is expansive and the tree coverage gives it a feel that is far removed from the typical Gainesville backyard. All of this sits just minutes from the University of Florida, Shands, Santa Fe College, downtown Gainesville, shopping, dining, Springtree Park, and nearby walking trails. Whether you are a first-time buyer, downsizing, or simply looking for a solid home in a well-established Gainesville neighborhood at a price that actually makes sense, you found it. A home this move-in ready at this price point in Gainesville does not stay on the market long. Schedule your private tour today. This one is going to move fast.
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.
