Owner Will Assist with Closing Costs. Welcome to this charming 3-bedroom, 2-bath home featuring a spacious BONUS ROOM, perfectly situated on an OVERSIZED quarter-acre lot with NO HOA, mature trees, and established landscaping. A brand-new ROOF installed in 2024, along with a water softener system, adds comfort, convenience, and long-term value. Inside, the open floor plan offers a warm and inviting atmosphere. The eat-in kitchen features abundant cabinetry and flows seamlessly into the spacious family room with soaring ceilings and a cozy wood-gas brick FIREPLACE. French doors open to the versatile bonus room, ideal for entertaining, a home office, playroom, or additional living space. The private owner’s suite includes NEW LAMINATE flooring, a generously sized bedroom, and an updated en-suite bath complete with a relaxing JETTED SOAKING TUB with tiled surround, decorative tile accents, natural light, and a new vanity—creating a spa-like retreat at home. The formal living and dining rooms also feature NEW LAMINATE flooring, providing flexible spaces perfect for hosting family and friends. Step outside to enjoy the charming backyard retreat featuring a retractable striped AWNING for shaded outdoor enjoyment. The oversized backyard offers PLENTY OF ROOM TO ADD A POOL, while the EXTENDED DRIVEWAY provides ample space for RV or boat parking. Additionally, the property features a DETACHED WORKSHOP, providing ample space for tools, equipment, hobbies, or recreational storage Conveniently located near the Turnpike and SR 44, this home provides easy access to downtown Orlando, sporting events, dining, nightlife, and shopping. Outdoor enthusiasts will love the nearby lakes and public boat ramp access to Lake Harris, while the charming shops and restaurants of downtown Mount Dora are just 20 minutes away. You’re also within close reach of The Villages, offering the perfect balance of peaceful living and vibrant nearby amenities.
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.
