If you’ve been searching for a true Diamond in the Rough, welcome home. Nestled on a peaceful one-acre lot in the desirable Rainbow Springs community, this spacious 3,405 sq ft custom-built home offers room to grow, gather, and create unforgettable memories with the people you love. Step inside and feel the sense of warmth that fills the home. The formal living and dining rooms are perfect for holiday gatherings and special celebrations, while the spacious family room, highlighted by its charming brick fireplace, invites cozy evenings spent relaxing with family and friends. The expansive 27’ x 11’ bonus room, complete with a handicap-accessible bathroom and private entrance, provides endless possibilities—an ideal in-law suite, guest retreat, or a private space for extended family to stay comfortably. The heart of the home is the large kitchen, designed for cooking and conversation. With a generous breakfast area, center cooktop island, and abundant counterspace, it’s a place where morning coffee, shared meals, and warm laughter naturally unfold. The oversized side-entry garage offers abundant storage, while the connected workshop/hobby room with a roll-up door and electricity is perfect for weekend projects, creative pursuits, or storing outdoor toys and equipment. Recent upgrades include a new roof in 2018, two newer A/C units, and an attic fan. A large interior laundry room with double sinks, cabinetry, and hidden washer/dryer adds convenience and functionality. Outside, the property truly shines. Surrounded by mature trees and lush landscape filled with perennial flowering plants, the grounds offer a serene setting where wildlife often wanders by. A large circular driveway makes it welcoming for guests, while a separate drive leads directly to the garage. The backyard retreat is where family and friends will want to gather—featuring a fully screened 20’ x 12’ inground pool, spacious lanai, outdoor bathroom, and a fully fenced yard perfect for pets and play. A storage shed provides extra space for lawn tools and equipment. This well-loved home is full of character, custom features, and opportunity. It’s ready for a buyer with vision—someone who appreciates space, values connection, and wants a home that can be shaped into something truly special. Located in The Woodlands of Rainbow Springs, residents enjoy some pretty sweet perks for a very low yearly HOA fee. They include community swimming pool, clubhouse, bocce ball, pickle ball, tennis, basketball, driving range, restaurant, disc golf, walking trail and access to your own private 3-acre residents park which is just a 1500-foot peaceful kayak or canoe paddle from the first magnitude Rainbow River State Park head spring. This exclusive community river park has 2 large pavilions, barbecue grills, segregated bathrooms, outdoor showers, private swimming area, kayak launch and supervised security for safety and peace of mind. Dunnellon’s Rainbow Springs is a rare gem. You will also be able to experience world class golf just next door at Juliette Falls Country Club. This ideal location places you at the doorstep of small town living at its finest in addition to being close to Ocala, Gainesville and vacation attractions found in nearby Tampa and Orlando. Don't miss your opportunity to visit this lovely home and property.
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.
