VA loan
1 of 80
VA loan
$2,950,000

7565 Heard Rd, Cumming, GA 30041

4 beds · 4 baths · 5,484 sqft

Have you been looking for the PERFECT lake home on the south side of Lake Lanier with a lake view, and no chance of ever running out of water at the double slip dock? This is the one for you! Welcome home to this fabulous, unique lake home that has everything you are looking for! Drive through the beautiful neighborhood and down the long, professionally landscaped driveway and you will immediately feel a sense of awe. This 4 bedroom, 4 1/2 bath lake home has an additional bunk room for company or the little ones. Almost EVERYTHING in the home - including the 4 1/2 baths-have been remodeled/updated. The updated chef's kitchen is perfect for all of the gourmet meals you'll be cooking. The primary bedroom is oversized, with a spa-like bath including double shower heads, inside of the wet-room with a sound therapy soaking tub you can relax in after a long day on your boat. On the upper level, 2 large bedrooms with ensuite bathrooms are fantastic for guests. Head down to the very FUN terrace level where you'll find a game room, a private office that could also be used as a bedroom, home gym, bunk room, a large bedroom and get this...a real spa with a waterfall and steam spa and sauna! You'll feel like you are visiting a luxurious spa, but this one is in your home! One of the really cool things about this dream home is all of the different areas that you can entertain! The sellers are using the kitchen keeping room with a fireplace as a dining area. There is additional dining available on the screened porch, deck and of course the formal/informal dining room. The kids can play games on the terrace level, in the flat, grassy backyard, as well as corn hole, frisbee, or football in the huge, flat front yard. Do you want a pool? There is an area that should be a great spot for a pool. Enjoy the hot tub on the lower-level exterior, in the fall and winter, overlooking the lake. This amazing home has tons of storage as well as floored attic space. You'll have privacy galore in your new lake home and a rare, sandy beach at the shoreline. It's an easy stroll to the 2-slip boat dock with a party deck. The sunset views from the dock are BREATHTAKING! Grab a cold beverage and relax on the party deck while watching the boats go by. This is the life you deserve and have been waiting for!

Interest rate 3
2.625%
With Roam
7%
The seller’s mortgage rate at the time the loan was originated.
Monthly payment 3
$3,536
With Roam
$5,562
Reduce your monthly payments by $2,025 when you assume this mortgage.
You also save $630,054 in total interest paid.

$2,152,609
Edit

You may be able to put down less than the total down payment amount of $2,152,609 and have the rest of the funds financed with a 2nd mortgage from a lender. 4

Interest rate and monthly payment estimated based on public records.

Roam helps you take over the seller’s lower interest rate 1
We help you assume the seller's mortgage and avoid higher prevailing market rates.

45-day closing guarantee 2
We work directly with the mortgage servicer to help you quickly and easily close the transaction.

VA loan
Eligible for investors
Not a veteran? You may still be qualified to assume the mortgage.
Location
Details
Home
Size
5,484 sqft
Lot size
0.6 acres
Year built
1987
Type
Single Family Residence

Source: GAMLS #10328634

Loan
Remaining term
25 years, 11 months
Rate
2.625%
Monthly P&I
$3,536
Remaining loan balance
$797,390

Source: Public records

How it works

Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.

Tour

Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.

Offer

Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.

Close

Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.

Who can qualify

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.

Frequently asked questions

What is Roam?

expand content

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.

What is an assumable mortgage?

expand content

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.

Why is an assumable mortgage valuable?

expand content

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.

How can you find assumable mortgage listings?

expand content

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 “Get Notified” 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.

How do I qualify for an assumable mortgage?

expand content

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.

View all FAQs
Last updated: Oct 30, 2024 09:53 am
Listing agent: teresa smith (770) 654-4173
Listing provided courtesy of: Keller Williams Realty Atl. Partners (678) 318-5000
Details provided by GAMLS and may not match the public record.
MLS ID: #10328634
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of GAMLS. All real estate listings are marked with the GAMLS Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright © 2024 GAMLS. All rights reserved.
Fair Housing Act logo Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.
Disclaimers
1 Roam connects buyers and sellers to homes with assumable mortgages via a concierge service. Roam does not offer or engage in mortgage lending activity.
2 30 day guarantee is subject to credit approval by your loan servicer.
3 The assumable interest rate shown for this assumable mortgage is an estimate using the average of interest rates in this home's area at the time of the last sale. The actual assumable interest rate may differ. Estimated payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Roam connects buyers and sellers to home with assumable mortgages via a concierge service. Roam does not offer mortgage loans, extend credit, make credit determinations, or otherwise engage in mortgage lending or brokering activities. The lender makes all credit and qualification decisions with buyers. Any determination to extend credit to a buyer is a decision by the lender, and not by Roam.
4 The lender makes all credit and qualification decisions with buyers. Any choice to extend credit to a buyer is a decision by the lender, and not by Roam.
$3,536/mo
View details