All the crucial items such as NEW ROOF, water heater and AC are already in place in this charming single family home in the heart of Port Charlotte close to the Murdock Circle area. Occupying nearly a QUARTER-ACRE LOT, this property is ideal as a seasonal retreat, starter home or investment opportunity with NO HOA RESTRICTIONS and lies within an X flood zone which may exempt the owner from carrying flood insurance! Interior features include a spacious family room large enough to accommodate a wraparound sofa with a side entry slider to the carport area. The kitchen features solid wood cabinetry, a newer SS refrigerator, double sinks and a generously sized laundry room with loads of storage! Both bedrooms receive ample natural light and can comfortably fit larger furnishings. The primary bedroom includes an ensuite half bath while the main bathroom is equipped with a high efficiency toilet and a shower/tub combination with tiled flooring. Outside features include rain gutters, double pane thermal windows, RV electrical plug, a 10x16 shed with 220 electric amp service and an OVERSIZED DRIVEWAY that can fit up to 6 vehicles! In addition, the covered and EXTENDED carport/patio area stretches the entire side of the home! The backyard is huge with plenty of room for a pool as well! This area is close to everything including shopping and dining. If you enjoy boating/fishing, plenty of boat ramps and fishing piers to choose from. Punta Gorda's historical downtown area is just a short drive where you can enjoy Farmer's markets, boutiques and eateries. Gulf Beaches are within a 30 minute drive. Easy access to US 41 and I75 in addition to local/regional airports. Make your appointment 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.
