Welcome home to this charming bungalow with a fully updated, income-producing ADU—perfect for house hacking or adding a strong rental to your portfolio. Ideally located in Westminster Heights, you’re just a short drive to downtown St. Petersburg and the Gulf beaches! The main home is a cozy 2-bedroom, 1-bath featuring a new roof (2026) and central HVAC (2019), along with updated luxury vinyl plank flooring throughout. A welcoming front sunroom sets the tone as a flexible entry space, leading into a warm living room centered around a fireplace and a dedicated dining area. The kitchen features butcher block countertops and a functional layout, while both bedrooms offer comfortable space. The bathroom is clean and tiled with a classic feel. Out back is where this property really shines—a 2023-updated detached ADU with its own private setup and central HVAC (2023). This unit offers a spacious living area, full kitchen with dining space, a beautifully updated bathroom with modern white and gray tile, and a private bedroom. Whether you’re looking to offset your mortgage or generate consistent rental income, this setup delivers. The exterior is fully fenced for privacy and enhanced with pavered areas and Augusta block, creating a clean, well-defined outdoor space with plenty of room to enjoy and entertain. A large storage shed with washer/dryer hookups adds even more functionality. Live in one, rent the other, or maximize returns with two income streams—this NSM-1 zoned opportunity is one you don't want to miss out on!
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.
