Welcome to this beautifully upgraded home in the heart of Merritt Island, where modern efficiency meets everyday comfort. Thoughtfully improved, this property is truly move-in ready and designed for today's lifestyle. Step inside to find an updated kitchen featuring stylish finishes, a natural gas range, a built-in wine fridge, natural wood counter tops, and upgraded lighting that creates an inviting space perfect for entertaining. Both bathrooms have been tastefully renovated, and major system updates, including a 2019 roof, newer A/C, and a tankless gas water heater offer peace of mind for years to come. Energy efficiency takes center stage with impact windows installed throughout in 2022, along with a Tesla Powerwall and roof-mounted solar PV system installed in 2022, helping you save on utilities, powering you back up during power outages and kick starting you into the future of energy saving. Outdoor living is just as impressive. Enjoy a large screened porch complete with a relaxing hot tub, ideal for unwinding after a long day. The Florida-friendly backyard with pond and shed, is designed for low maintenance, so you can spend more time enjoying your home and less time on upkeep. The epoxy-coated garage floor adds a clean, polished finish, and charge your electric vehicle at the convenience of home vs searching for the nearest public charging station. Perfectly situated in central Merritt Island--right in the heart of Brevard County--this home offers easy access to beaches, the Kennedy Space Center, shopping, dining, and major roadways including SR 528 and I-95. With a long list of upgrades and thoughtful features throughout, this home is a rare find.
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.
