One or more photo(s) has been virtually staged. Welcome to 905 Dugan Circle SE in Palm Bay, located in the up-and-coming NEW Cypress Bay West community. Why wait to build when you can move right into this constructed 2024 2-STORY BLOCK WATERFRONT HOME offering an impressive 3,088 square feet under roof! The Hayden floorplan features 5 bedrooms, 3 full bathrooms, an additional family room, and a versatile second-story loft, perfect for a home office, media room, or play space. Designed for both comfort and functionality, the open-concept layout provides seamless flow between the living, dining, and kitchen areas, making it ideal for everyday living and entertaining. The kitchen provides granite counters, stainless steel appliances, a walk-in pantry and a breakfast bar perfect for busy mornings. Downstairs there is one bedroom and a full bathroom which offers space for guests. The second floor offers 4 bedrooms including a spacious primary retreat with double walk-in closets and a modern bathroom including a large walk-in shower. Enjoy tranquil waterfront views and relaxing evenings from your backyard, creating the perfect setting to unwind after a long day. Cypress Bay West offers a peaceful community atmosphere while remaining conveniently located just a short drive to I-95 for easy commuting. Residents will enjoy sidewalks for evening strolls, a community mailbox, and recreational amenities including basketball courts and a playground. An exciting future clubhouse is planned to feature pickleball courts, a resort-style pool, and a fitness center. Don't miss your opportunity to own a nearly new waterfront home in one of Palm Bay's growing communities. All information is deemed reliable but not guaranteed. Buyers should perform their own due diligence. All information is deemed reliable and shall be independently verified. Schedule your tour today!
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.
