North Fort Myers Gem with Lots of Potential! Discover the perfect blend of space, comfort, and value in this split floorplan home. Built in 1998, this 3-bedroom, 2-bathroom home offers just under 2,100 square feet of versatile living space on an impressive, oversized lot on a quiet cul-de-sac. The thoughtfully designed floor plan provides flexibility with separate living and family rooms, allowing for both entertaining and relaxed everyday living. A dedicated dining area with an arched window adds architectural character and natural light, while the adjacent living spaces flow seamlessly, creating an open and welcoming atmosphere. The galley-style kitchen offers generous counter space, a convenient pass-through/breakfast bar, and an eat-in dining nook. Beyond the kitchen is a large, screen-enclosed lanai, perfect for an extended living or dining area. Imagine enjoying your morning coffee or evening cocktails, overlooking your generously sized backyard - with plenty of room for gardening, play, or future outdoor enhancements like an outdoor kitchen or a pool. The primary suite serves as a private retreat and features a spacious bathroom with dual-sink vanity and an elevated soaking tub positioned beneath an arched window. Two additional bedrooms provide flexibility for family, guests, a home office, or hobbies. The guest bathroom features a Safe-Step walk-in tub. The roof was replaced in 2017, and AC 2016. The desirable Terrapin Wood community is known for its spacious lots, light deed restrictions, and convenient location near shopping, dining, downtown Fort Myers, major roadways, and Southwest Florida airports. This property has never flooded. It awaits only your personal touches to make it into the perfect Southwest Florida home you’ve been dreaming of!
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.
