You’ll love entertaining guests and embracing the tranquility of waterfront living in this one-of-a-kind classic Key West home on Philippi Creek Bayou. Enter through mahogany doors to soaring cathedral ceilings that fill the home with natural light and create an open, airy atmosphere. Expansive water views can be enjoyed in most rooms, while the outdoor deck provides the perfect setting to relax and take in stunning sunset skies. Inside, the Key West coral fireplace, luxury vinyl plank flooring and thoughtful architectural details create warmth and character throughout. The kitchen is designed for gathering and entertaining, featuring stainless steel appliances, a stainless-steel chef’s cooking area, quartz countertops and a wraparound bar that encourages memorable moments with family and friends. The enormous primary suite serves as a private retreat with its own water-view balcony, charming gas fireplace and bay windows. The spa-inspired en suite bath offers dual vanities and a relaxing spa tub. Dedicated office space provides flexibility for working from home or creating a quiet study area for the kids. Upstairs, you’ll find four bedrooms, a balcony and two full baths. The lower level features an expansive entertaining area ideal for a growing family, game room, gym or play space, along with a convenient pool bath for hosting guests. Outside, enjoy the private open pool area positioned at the water’s edge with long, peaceful canal views. The waterfront lifestyle continues with a kayak launch, Jet Ski floats and a newer composite boat dock with a 13,000-pound lift ready for boating adventures. Adding even more appeal for boating enthusiasts, the county is currently dredging the canal to further improve water access and navigation. The home has also been thoughtfully updated with a newer roof and freshly repainted interior and the property has been well maintained with no known storm-related damage or water intrusion. Just minutes from Philippi Shores Elementary and Riverview High School, this exceptional property is ideal for a growing family that loves the outdoors. A treasured Suncoast oasis where privacy, comfort and waterfront living come together beautifully.
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.
