Situated on a premium lot backing to peaceful woodlands in Forest Bay Estates, this fully updated 4 bedroom 3 bathroom home offers tasteful upgrades and stunning landscaping that truly set it apart. This is not your typical home in the neighborhood. It boasts character, thoughtful design, and a true one of a kind presence inside and out.The heart of the home is the expanded kitchen featuring a built in breakfast nook and seamless flow into the living area. A custom electric fireplace with mantle anchors the space, creating a warm and inviting focal point. Quality craftsmanship is evident throughout with fully trimmed windows, upgraded hardware, beautiful light fixtures, durable laminate flooring, and intentional paint selections that give each room its own personality. Functional improvements include enhanced laundry and closet storage designed for everyday living. Custom blinds, accent lighting, and carefully selected finishes add comfort and style throughout the home. Step outside to your private retreat. The backyard showcases a heated in ground pool surrounded by an expansive paver patio perfect for year round enjoyment. Zoned irrigation on well water, a french drain system, retractable patio awnings, and a comprehensive exterior lighting package add both beauty and function. A storage shed with garden beds and meticulously designed front and back landscaping complete the outdoor space. Forest Bay Estates also offers a beautiful community pool with an entertaining area, perfect for gathering with friends and neighbors. This home is conveniently located near boat ramps and just a short drive to the sugar white beaches of the Emerald Coast. This home has been completely updated and thoughtfully enhanced from top to bottom. A rare opportunity to own a beautifully upgraded property that blends elegant interior living with an exceptional outdoor oasis in a prime location.
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.
