Located in the desirable Riomar community of Sarasota, this beautifully updated 3-bedroom, 2-bath residence with a dedicated office offers a perfect blend of comfort, functionality, and architectural charm. Spanning 2,094 square feet, the home welcomes you with soaring vaulted ceilings and elegant arched hallways that create an open and inviting atmosphere throughout. The thoughtfully designed split floor plan provides both privacy and flexibility, with two bedrooms and a full bath tucked away behind a separate door—ideal for use as a private in-law suite or a secluded space for older family members or guests. The main living areas flow seamlessly into a recently remodeled kitchen, completed in 2022, offering a modern touch to the heart of the home. Significant updates provide peace of mind, including a new shingle roof (2021), a 5-ton HVAC system (2021), and fresh exterior paint (2022). The interior has been freshly painted and features brand-new carpeting in the bedrooms, making the home truly move-in ready. Step outside to enjoy the extended paver patio, added in 2023, perfect for outdoor entertaining or quiet relaxation. Situated on an oversized corner lot, the property offers added space and the rare benefit of allowing privacy fencing within the community. Riomar residents enjoy low quarterly HOA fees of just $574, which include an extensive Spectrum cable package, high-speed internet, phone service, home security, irrigation water, and access to a large community pool. Ideally located just minutes from the vibrant UTC area, you’ll enjoy convenient access to premier shopping and fine dining, while also being approximately 10 minutes to downtown Sarasota, 7 minutes to Sarasota Memorial Hospital, and only minutes from Sarasota-Bradenton International Airport (SRQ). World-renowned Gulf Coast destinations such as Siesta Key Beach, Lido Key, and St. Armands Circle are all within easy reach, offering the very best of Florida’s coastal lifestyle.
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.
