VA loan
1 of 59
VA loan
$725,000

82 Magnolia Dr, Saint Augustine, FL 32080

4 beds · 3 baths · 1,694 sqft sqft

***2.75% Assumable VA Loan Opportunity*** You can find this tastefully updated Cape Codder in the coveted, high and dry, Lighthouse Park neighborhood. From the moment you drive by or pull over to see what's just past the white fence and tropical foliage, you are instantly transported to a time where craftsmanship ruled supreme. Once inside you can't help but be taken by the welcoming architectural lines as you gaze up the staircase and over to family room back to the dining space, half bath and to the wonderfully appointed kitchen. The vintage wood flooring is your guide as you roam the first floor eventually spilling into the primary suite with its recent beautifully transformed bathroom. This spacious bedroom includes custom cabinetry and a rustic barn door encasing an ample walk in closet. Up the stairs you go to find three more bedrooms and a unique full bath all with their own personality. Leaving the home through the kitchen, down the backstairs you'll enter your own private multi tiered outdoor relaxation environments. There's a top notch split deck just off the primary suite perfect for the morning coffee or evening libation. The lower pavered area features a fire pit and more than enough room for a grill, smoker or whatever your heart desires. The second elevated deck behind the enormous carport is currently designated for dining or simply just relaxing after you've enjoyed an outdoor shower. Another absolute notable of this treasured home is the gorgeous established landscaping quite literally everywhere you look. Did we mention it also has a basement for tons of extra storage space? Its premier location is within walking or a short bike ride to everything that makes this storied community so special, including RB Hunt, one of the top elementary schools in the state, the St Aug Amphitheater, the beach, Alligator Farm and so much more. We look forward to your visit so we can answer any and all of your questions.

Interest rate 3
2.75%
With Roam
6.5%
The seller’s mortgage rate at the time the loan was originated.
Monthly payment 3
$2,243
With Roam
$3,348
Reduce your monthly payments by $1,104 when you assume this mortgage.
You also save $353,468 in total interest paid.

$216,614
Edit

You may be able to put down less than the total down payment amount of $216,614 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
1,694 sqft
Lot size
0.11 acres
Year built
1953
Type
Single Family Residence

Source: REALMLS #2021495

Loan
Remaining term
26 years, 8 months
Rate
2.75%
Monthly P&I
$2,243
Remaining loan balance
$508,385

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?

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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?

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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?

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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.

Will an assumption work for me?

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An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.

Why do buyers use Roam?

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Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step. Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.

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Last updated: Oct 06, 2024 12:05 pm
Listing agent: Gordon Rainey (904) 629-4473
Listing provided courtesy of: COLDWELL BANKER VANGUARD REALTY (904) 269-7117
Details provided by REALMLS and may not match the public record.
MLS ID: #2021495
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange (IDX) program of the Northeast Florida Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Everystate are marked with the listing broker's name and detailed information about such listings includes the name of the listing brokers.
Data provided is deemed reliable but is not guaranteed. The data relating to real estate for sale on this website comes in part from the Northeast Florida Multiple Listing Service, Inc. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright © 2024 Northeast Florida Multiple Listing Service, Inc. 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 45 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.
$2,243/mo
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