Welcome to 5654 Leona Street, a captivating residence that perfectly captures the timeless soul of South St. Louis while offering a lifestyle of modern ease. Nestled in a prime location that bridges the gap between historic Holly Hills and the vibrant energy of Bevo, this home is a rare find for the buyer who refuses to compromise on character or location. Imagine a life where your morning coffee is followed by a breezy stroll to one of the city’s most iconic green spaces. Just steps from your front door lies Carondelet Park, a sprawling 180-acre urban oasis. Having this crown jewel as your "extended backyard" is a luxury few can claim. Talk about convenience! Directly across the street, the new Leona Market has transformed the neighborhood. Gone are the days of the stressful weekly grocery haul; here, fresh ingredients, and daily essentials are just a 30-second walk away. This hyper-local convenience truly redefines what it means to live in a walkable community. While many historic homes in the area can feel cramped, Leona offers an abundance of space and a highly functional layout. This impressive residence features 4 spacious bedrooms and 4 full bathrooms, providing a level of privacy and convenience that is incredibly hard to find in South City. Whether you are hosting guests, accommodating a growing family, or creating the ultimate home office suite, this property has the "elbow room" you've been searching for. Adding to the home’s rich character are two stunning fireplaces. These architectural focal points serve as the heart of the home, offering a cozy ambiance for chilly St. Louis winters and a touch of timeless elegance for your evening gatherings. You can also relax or entertain outside in the backyard on your covered screened in porch and did I mention that this home has a detached TWO car garage? The most intriguing feature of 5654 Leona is what lies beyond the official paper trail. While public records provide a baseline for the home’s size, they fail to account for the true heart of the house. The previous MLS data indicates that the home is significantly larger than the listed square footage on the tax records suggest. A substantial addition was made to the upper level, creating an expansive footprint that must be seen to be fully appreciated. While exact measurements aren't currently available, the sheer volume of the second floor offers a versatility that is rare for the area. Whether you envision a massive primary sanctuary, a multi-room home office suite, or a vibrant playroom, the "bonus" square footage here provides the breathing room your family needs without the cramped feel of a standard historic floor plan. Inside, the home radiates the sturdy, high-quality craftsmanship that St. Louis is famous for. You are greeted by warm textures, inviting light, and an architectural flow that makes entertaining a breeze. The living spaces are designed to be both cozy for quiet nights and open enough for lively gatherings. Beyond your doorstep, you are immersed in a neighborhood known for its community spirit and architectural beauty. With easy access to major highways, the famous Bevo Mill, and an array of celebrated local eateries, you are perfectly positioned to enjoy the very best of the city.
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.
