INVESTOR ALERT or someone who likes to remodel a home. This offers a lot of potential for financial gain after a few updates and investment. What is does offer that you can't change is the LOCATION which is absolutely dynamite! It is over a third acre lot and on a cul-de-sac. It has EXPANSIVE lake views and a pool! The backyard is large enough to still have outdoor furnishings under the oak trees or play equipment or allow your fur babies to play (larger dogs are permitted - breed restrictions apply). The lake views expand across the entire backyard and over to the north side of the home. It is situated at the larger part of the lake so the views are truly captivating. It needs: new roof, both bathrooms remodeled, pool resurfacing BUT AC 1 yr HW 4 yr This home offers a lot but will need to be cash buyer due to roof or a FHA rehab loan but seller prefers a cash buyer. Roof is not actively leaking but did leak after a hurricane and was repaired. To seller's knowledge no active leaks for over a year since repair work. The home offers accordion shutters on all major windows, central vacuum, interior laundry room, space that can be made into a fourth bedroom if so desired or office space, formal and informal eating areas, a breakfast bar, soaring ceilings, super long driveway, pull down stairs in the garage, and did I mention the wonderful view and location. The schools are coveted by many as well as the location being in Winston Trails. Seller is entertaining all offers and will arrange for the showings and viewings of the home. This is the perfect opportunity for someone who enjoys remodeling or an investor looking for their next flip. All information is deemed reliable but may contain errors and omissions. Information shall be verified by the buyer prior to purchase.
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.
