Why wait on new construction when this 2020-built home already offers the upgrades, space, and features today’s buyers are searching for? Located at 5653 Burr Street in Milton, this move-in ready 4-bedroom, 3-bath home PLUS a dedicated office/flex room combines modern style with everyday functionality in a quiet one-way-in, one-way-out neighborhood. Inside, the open layout creates a spacious feel with vaulted ceilings in the main living area and a split-bedroom floor plan designed for both privacy and convenience. The kitchen features granite countertops, a large island with breakfast bar, breakfast nook, and additional buffet cabinetry—perfect for entertaining or busy daily living. The private primary suite offers double vanities, a large walk-in shower, water closet, and walk-in closet. On the opposite side of the home, you’ll find three additional bedrooms, including a Jack-and-Jill bathroom and another full bath ideal for family or guests. BRAND NEW carpet has recently been installed in all bedrooms, adding a fresh, updated feel. The fully insulated office/flex room with secure electronic entry offers endless possibilities and could easily serve as a home office, homeschool room, gym, creative studio, or even a 5th bedroom. Additional features include luxury vinyl plank flooring throughout the main living areas, ceiling fans throughout, a security system with 10 cameras, transferable termite bond, sprinkler system on city water, and durable finishes already in place. Outside, enjoy a covered back porch overlooking the privacy-fenced backyard with double gate, cross fencing, and a custom TUFF shed that can remain or be removed based on buyer preference. Conveniently located near I-10, shopping, Whiting Field, NAS Pensacola, and the beaches, this home offers the newer-construction feel buyers want without the added cost and wait of building.
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.
