This truly unique waterfront home blends history, character, and functionality in a setting that is hard to replicate. Originally built in 1971 as a fishing camp, the home was thoughtfully expanded in 2002 with a second story addition, along with the current living room and porches, transforming it into a spacious family home with room to grow. Situated on a canal with access to Church Lake and the Tsala Apopka chain, the property offers direct waterfront living with the added benefit of being located directly across from the protected Flying Eagle Preserve, providing a natural backdrop of thousands of acres of untouched Florida wilderness with no rear neighbors. The home features 5 bedrooms, a large office, and 3 bathrooms, offering flexibility for families, guests, or work from home needs. The living room is positioned to take full advantage of the water views, creating a peaceful and inviting main living space. Just beyond, a large deck overlooks the canal, providing the perfect space to relax, entertain, or enjoy the natural surroundings and wildlife. Throughout the home, you will find warm wood finishes that add character and a true Old Florida feel. The kitchen has been updated with stainless steel appliances, and key improvements throughout the home include a new roof in 2023, updated electrical panel and wiring, an electric tankless whole house water heater, and separate air conditioning units for each story. The downstairs subfloor has also been replaced. Additional features include a downstairs laundry area with a laundry chute, a fully fenced yard with an electric gate, and close proximity to a public boat ramp located approximately 75 yards away, making water access quick and convenient. While the property is located in a flood zone, the home has never flooded and offers a transferable flood insurance policy currently at just $571 per year. This is a rare opportunity to own a waterfront home with space, updates, and direct access to nature, all while being surrounded by one of Citrus County’s most expansive conservation areas.
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.
