Legacy of Leesburg, a conservation themed neighborhood, is one of Central Florida’s premier gated retirement communities for active 55+. This is definitely the home for you! THE HOME HAS AN ASSUMMABLE VA LOAN IN THE AMOUNT OF APPROXIMATELY $263,000 AT A FIXED INTEREST RATE OF 2.875. The mo nthly payment on the loan is $1,852.92. You do not need to be a veteran to assume this loan. This beautiful Scarborough model home is situated on a corner / cul-du-sac lot with an amazing conservation view! The home has many special features and upgrades: Leaded Glass Double French Doors (as you enter these doors you find Vaulted Ceilings in the living room), an Extended Large Screened and Paver Lanai with swim current pool and hot tub/Spa as well as beautiful views of the St. John's Conservation area, 3 sets of Double French doors, Whole House Central Vacuum, 6 Solar tubes are placed around the house allowing plenty of natural light to bathe the Open Split floor plan. Decorative Ceiling Fans in all 3 bedrooms and one in the family room. Also 2 ceiling fans in Lanai and 1 in garage. The Kitchen features 42" solid wood cabinets and double pull out drawers perfect for storing pots and pans as well as pull out drawers in the pantry closet, a built-in desk, a breakfast counter and, ceramic tile flooring. The large Master Bedroom has double French doors that open to the lovely lanai. 2 spacious walk-in closets with custom built in drawers and shelves. The spacious Master Bathroom has a jetted garden tub and a separate ceramic tiled walk-in shower, beautiful Corian counter-tops with double sinks, ceramic tiled floors, and a separate toilet room. Energy efficient features: Foam Filled Insulated Walls, a Radiant Barrier in the roof, small Natural Gas Heater in Master Bedroom, new Custom Levolor Cellular Window Shades in MBR (2019), and Double Pane Windows all around save money! New A/C sytem (2022), Range (2020), Disposal (2021) and NEW ROOF THAT IS ONLY 6 MONTHS OLD.Q. This home is nicely placed on the lot which allows for a perfect side entry for the over-sized 3 car garage with storage in the overhead attic! The house location has privacy but is just steps away from the community river park and walking trail! Legacy of Leesburg has numerous amenities and activities such as tennis, bocce ball and pickleball courts; a resort style pool, state of the art fitness center, pool hall, library, activity and craft rooms, softball field, a community hall for large gatherings and meetings, several walking trails, and RV/boat storage. Your HOA fee covers lawn care such as cutting, edging, and debris blowing; cable, Internet, RV/boat storage, and use of all the amenities for only $278 a month. Please be advised that the pictures of the home were taken when the owner still occupied it. The home is currently furnished by the tenants.
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.
