Welcome to 5416 Frederick Lake Drive, a beautifully maintained 4-bedroom, 2-bath home nestled in the sought-after Forest Lake Preserve community of Port Orange. This move-in ready gem combines comfort, convenience, and serious efficiency—just minutes from shopping, dining, the beach, I-95, and everything you could wish for. This home’s superpower is its financial and energy package: an assumable FHA mortgage at 3 percent with a current balance of $211,202 and total payment of approximately $1,668 per month (PITI, per seller; subject to lender approval and buyer qualification) paired with a 30-panel solar array installed with the new roof in 2022, producing an average of 1.22 MWh per month. In a high-rate, high-utility-cost environment, this combination offers a rare opportunity to lower both your monthly payment and your power bill. Step inside to a spacious, light-filled layout featuring vaulted ceilings and a natural flow between living, dining, and kitchen spaces. The living area opens through sliding glass doors to a screened lanai overlooking a tranquil nature preserve, offering a private backdrop for morning coffee or evening gatherings. Cat5 Ethernet with a 5 port switch will have your entire home poised for the future. The split-bedroom design provides privacy for everyone. The expansive primary suite boasts a tray ceiling, large walk-in closet, and a spa-style ensuite with dual vanities, a garden tub, and a separate walk-in shower. Three additional bedrooms offer flexibility for family, guests, or home office needs. The eat-in kitchen includes a breakfast bar, plenty of cabinet space, and an open view of the living area—perfect for everyday meals or entertaining. An indoor laundry room and two-car garage add extra convenience. Recent upgrades include: • New Roof (2022) with 20-year workmanship and 50-year manufacturer warranties • 30 Solar Panels (2022) producing an average of 1.22 MWh per month, dramatically reducing energy costs • Wrap-around Gutters (2022) • HVAC System (2019) Set within a quiet, family-friendly neighborhood, this home backs directly to a protected nature preserve, giving you both peace and privacy with easy access to everything Port Orange has to offer. Combined with the assumable 3 percent FHA loan and high-output solar system, this home delivers an exceptional value and a real financial edge for the right buyer.
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.
