Tucked away at the very end of Island Road, this charming rustic retreat offers a rare opportunity to enjoy true waterfront living on the Santa Fe Canal—just steps from where it opens into Lake Santa Fe. This 3-bedroom, 2-bath home blends cozy character with thoughtful updates, including a beautifully refreshed kitchen and bathrooms, along with a durable new metal roof for peace of mind. Inside, you’ll find warm, inviting spaces that make you feel right at home from the moment you walk in. Out back is where this property truly shines. A massive Florida room creates the ultimate entertaining space—complete with a built-in bar area and pool table—perfect for hosting friends, game nights, or simply relaxing after a day on the water. Even better, all furnishings can stay, making this a turnkey opportunity. Step outside and take in peaceful canal views from your backyard, with direct access to Lake Santa Fe just moments away. As the last home before the canal opens to the lake, you’ll enjoy a unique blend of privacy and prime positioning for boating, fishing, and waterfront living. Additional features include a large workshop with electric—ideal for hobbies, storage, or projects—and a newer dock ready for your boat and lake days. Whether you’re looking for a full-time residence, weekend getaway, or income-producing vacation rental, this one-of-a-kind property delivers the best of North Florida lake life.
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.
