Short Sale. Welcome to this exceptional residence featuring 4 BEDROOMS PLUS A LOFT, AN OFFICE AND EXTRA ROOM, and a spectacular RESORT-STYLE SALT WATER POOL OVERLOOKING A POND. The true crown jewel of this property remains the private backyard oasis. This retreat is fully equipped with HEATED WATER for year-round enjoyment, a luxurious SPA WITH AN INFINITY EDGE and a cascading WATERFALL, and vibrant COLORED LIGHTS AT NIGHT that transform the outdoor space into an evening paradise. This home is situated in an unbeatable location. You can enjoy the sun and sand with the beautiful Gulf beaches only 30 MINUTES AWAY, while the vibrant culture, dining, and shopping of DOWNTOWN SARASOTA are a convenient 20 -MINUTE DRIVE from your front door. The immediate surrounding area offers quick access to top-rated schools, local parks, daily shopping conveniences, and major roadways for an easy daily commute. This spacious and thoughtfully designed floor plan provides incredible versatility for a home office, media room, or guest suites. The heart of the home is the GOURMET UPGRADED KITCHEN, which comes fully equipped with premium built-in ovens, a gas stove with a sleek hood vent, a BRAND NEW DISHWASHER, and a high-tech refrigerator featuring an integrated KEURIG MACHINE for your morning coffee. The outdoor kitchen has gas hookup. The home is an entertainer's dream, wired with BUILT-IN SPEAKERS OUTSIDE THE HOME and a dedicated SURROUND SOUND SYSTEM to create the perfect ambiance for any occasion. Please note that this property is a SHORT SALE, and the SELLER IS WORKING WITH A SHORT SALE COMPANY TO ENSURE A SMOOTH AND QUICK CLOSING.
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.
