Introducing this 3-bedroom, 2-bathroom home located in Canaveral Acres, situated on nearly one acre of land with NO HOA, offering space, privacy, and the freedom of country-style living while still being conveniently close to town. The home also features a brand new AC system, adding comfort and efficiency for the next owner. As you arrive, you’ll immediately appreciate the large, fully covered and screened-in front patio overlooking the expansive front yard—the perfect place to relax, unwind, and enjoy the outdoors while staying shaded from the Florida heat. Stepping inside, the home welcomes you with a bright and open atmosphere filled with natural light throughout. The oversized living room provides plenty of space for gatherings, entertaining, or simply enjoying everyday living with family and friends. Just off the living room is the spacious kitchen, featuring matching stainless steel appliances, stone countertops, a tile backsplash, and ample cabinet and counter space, making meal preparation both functional and enjoyable. The dining area is conveniently located just off the kitchen, creating an easy flow for entertaining and family meals. Also located just off the living room, the primary bedroom offers a bright and comfortable retreat, complete with an attached en-suite bathroom featuring a unique walk-in stone shower that adds character and style to the space. The two additional bedrooms are located down the hallway on the opposite side of the living room, providing privacy from the primary suite. Both bedrooms are similar in size and layout and offer plenty of natural light, with easy access to the guest bathroom. Step through the double doors from the living room onto the brand new wooden back deck, which is large enough for patio furniture and outdoor seating. From here, you can overlook the expansive backyard, offering plenty of room for family gatherings, outdoor activities, or giving your pets space to roam and play. On the side of the property, you’ll find a detached garage with an automatic garage door, which can easily double as a workshop, hobby space, or additional storage, adding even more versatility to the property. Located in Canaveral Acres, this home offers the best of both worlds—peaceful living with plenty of space and no HOA restrictions, while still being conveniently located near major roads, highways, shopping, dining, and entertainment, yet comfortably removed from the hustle and bustle of the city.
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.
