DISTINCTIVE CAPE COD STYLE HOME IN CAPE CORAL’S SOUGHT AFTER EIGHT LAKES AREA! Welcome to 706 SW 51st Ter, a unique 3-bedroom, 2-bath home offering 1,908 square feet of living space in one of Southwest Cape Coral’s most desirable neighborhoods. With its classic Cape Cod architecture, dormer windows, and inviting curb appeal, this home stands apart from the typical Florida-style homes and offers character rarely found in the area. Inside, the home has been updated with a beautifully remodeled kitchen featuring quartz countertops, shaker-style cabinetry, a stylish tile backsplash, built-in wine rack, pantry, and a large breakfast bar open to the family room, with French doors to the screened lanai. The layout flows into the formal dining room, and Living room. The primary bedroom is located on the main floor, and both bathrooms have been updated with walk-in tiled showers and glass doors. Upstairs, two generously sized bedrooms feature charming dormer windows and cozy reading nooks that create warm and inviting spaces full of character. Outdoor living is just as enjoyable with a large screened lanai overlooking the large backyard, along with a separate open-air patio area with privacy fencing, ideal for relaxing or entertaining. The oversized yard offers plenty of space to add a pool while still leaving room for landscaping or garden space. Additional highlights include a laundry room, 2-car garage, and an oversized paver driveway. Located in Cape Coral’s highly desirable SW area within the popular Eight Lakes neighborhood, this home is just minutes from Tarpon Point Marina, Cape Harbour, Downtown Cape Coral, Rotary Park, and the Rose Garden area, offering easy access to dining, shopping, and some of the area’s best amenities. If you’re looking for a home with distinctive architecture, modern updates, and a prime Cape Coral location, this property is one you won’t want to miss.
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.
