Welcome to your dream home in the sought-after Pensacola/Perdido Key area of Florida" a prime coastal paradise known for its pristine white-sand beaches, emerald Gulf waters and relaxed Southern charm. Nestled on a coveted end of cul-de-sac lot, this property offers exceptional privacy, minimal traffic, extra parking space and an environment perfect for playing and entertaining. Enter to a refreshed kitchen featuring a brand-new double oven and microwave, ideal for meals or hosting gatherings. The updated laundry room adds everyday convenience, while smart lighting, fans and a Nest smart thermostat throughout deliver effortless energy efficiency and control. The spacious master suite serves as your personal retreat, with direct access to the pool enclosure, an extra-large modern master bath boasting dual sinks, a luxurious double shower head, a private toilet with bidet and a generous walk-in closet with customizable organizers. Smart tech and security elevate every aspect: A subscription-free home alarm system, Nest smart doorbell, LED lighting inside and out (including motion-sensor security lights), a MyQ quiet-close smart garage door and unwavering reliability from a powerful 20 kW whole-home backup generator providing piece-of-mind. The crown jewel is the stunning saltwater pool in a full enclosure, perfect for year-round enjoyment in this sunny climate. It includes a sand filter, custom LED underwater lighting, a smart thermometer for easy monitoring and a multifunction wireless robot pool cleaner. Maintenance is effortless with the backwash pipe plumbed directly to the easement" no mess, no hassle. The backyard is made for fun and relaxation: A charming play fort, raised garden beds for growing your own herbs and veggies, refreshed landscaping and plenty of open lawn space ideal for barbecues, games or simply soaking up the coastal breeze. The large driveway leads to a spacious 2 car garage with custom storage! Roof: 2018, HVAC: 2015.
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.
