OPPORTUNITY IS KNOCKING in highly coveted NW Bradenton with an assumable $121k FHA loan at 3.75% for owner occupants, NO short-term rental restrictions (VRBO!), NO deed restrictions—and all only minutes to the BEACH! This TRUE 3-bed, 2-bath BLOCK home is ready for a fresh start (due to deferred maintenance…plan on a new roof & AC) and priced accordingly. With no awkward garage or patio conversions, you avoid paying a premium for a semi-remodel that isn’t your style or wasn’t done properly—just SOLID BONES (from back when homes were built to last) and a layout you can modify and update to your taste on your own timeline. Inside, you’ll find surprisingly large bedrooms, plenty of closet space, a living/dining combo, and an additional dining/family room off the galley kitchen. This flexible layout offers plenty of potential for a big kitchen, great room, home office, or playroom—just bring your imagination and your general contractor. Then step outside to a LARGE FENCED YARD that provides privacy and plenty of room for pets or little ones to run. Thanks to the OVERSIZED .32-acre homesite, TWO-CAR attached garage, extended parking pad, and no deed restrictions, there’s ample space for extra cars, RVs, or boats. And with Warner’s Bayou and Palma Sola Causeway BOAT RAMPS just minutes away, you can be on the Manatee River, Palma Sola Bay, the Intracoastal, or the Gulf in no time. This location is truly unbeatable. In the heart of NW Bradenton, you’re close to every SHOPPING AND DINING convenience imaginable, plus Blake Hospital, downtown Bradenton, and numerous parks—including GT Bray Park (with 20 pickleball courts), Bradenton Riverwalk, Desoto National Memorial, Palma Sola Botanical Park, and Robinson Preserve (a great place to hike, bike, and kayak). And of course, the sugar-sand beaches of ANNA MARIA ISLAND are only minutes away. If you’re looking for a GREAT DEAL on a great house in an A+ location, this is it, and best of all, it’s priced to sell, so don’t wait.
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.
