One or more photo(s) has been virtually staged. 7460 Herricks Loop, is a 3 bedroom, 2 bathroom single family home with 1,508 square feet on a 10,614 square foot lot, offering a strong mix of indoor space, outdoor features, and long term upside in an established Orlando location. The home features a 2 car garage, a Florida room, an enclosed pool, and a screened pool area that adds real everyday use and outdoor appeal. For buyers searching for an Orlando pool home with extra living space, this setup stands out because it offers more than just the main interior footprint. Inside, the layout works well for daily living, guests, or work from home flexibility, with a practical floor plan and additional usable space through the Florida room. The home does need some repairs, including flooring in a bedroom, drywall work in interior wall areas, and sliding glass door replacement or correction. Those items create a straightforward improvement path for a buyer who wants to update the home over time while starting with features that are already hard to replace, including the lot size, pool enclosure, Florida room, and 2 car garage. The outdoor setup is a major part of the value. The in ground pool has an enclosed screened area, helping the backyard feel like an extension of the home instead of just extra square footage outside. That kind of feature continues to matter for buyers looking for a Florida home with year round usability, more room to entertain, and a property that offers both indoor and outdoor function. Major components also help frame the opportunity. The roof is about 13 years old. The home has central heat and air, and the current HVAC setup needs a new fan motor, with window units being used at this time. Electrical is good, and the septic system and related plumbing work are newer, which adds important value for future ownership. HOA is about $200 annually. For buyers searching for an Orlando single family home, a 3 bedroom 2 bathroom pool home in 32835, a home with a Florida room and screened pool, or a property with room to improve and build value, 7460 Herricks Loop presents a strong opportunity with space, features, and a clear path to improvement.
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.
