1034 Nc Highway 37 N, Gates, NC 27937
3 beds · 1 baths · 1,520 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Country living and only 25 minute drive to Downtown Suffolk!! This charming 3-bedroom brick home is nestled in the heart of Gates, NC. Property offers the perfect blend of modern updates and classic charm. Step inside to find large, sunlit windows filling the spacious living room with natural light while the wood stove and beautiful hardwood floors add warmth and character. Through a beautiful archway, hardwood floors continue into the inviting dining room. A new pendant light fixture and bright windows are an added bonus! Down the hallway, there are two cozy bedrooms with ceiling fans and hardwood floors. The bathroom features an updated vanity, faucet and light fixture. And there's more!....Remodeled in 2024, the kitchen features white cabinetry, butcher block countertops, tile backsplash, large sink and vinyl plank flooring. Stainless steel refrigerator, dishwasher and gas range with microwave/hood vent complete the look. New flooring extends to the third bedroom and laundry area (washer and dryer convey). From the laundry room, head outside and enjoy some fresh air on the roomy deck. With mature trees shading the fenced backyard, it's the perfect place for your furry friends and a summertime cookout! While back inside, stay comfortable year-round with an HVAC system and air ducts installed in 2024, plus a tankless propane water heater for energy efficiency. Need extra storage or workspace? This property has that too! The 24x24 detached 1-car garage/workshop has an updated garage door, wood stove, built-in ''cubbies'', and shelving. If that's not enough, there is a separate storage shed for your tools and equipment. If you're looking for a well-maintained home with modern updates, in a serene country setting, this is the one for you! Schedule your showing today!
Source: NORTHCAROLINAREGIONAL #100492857
All values shown are estimated costs / mo.
Source: Public records
Source: NORTHCAROLINAREGIONAL #100492857
To qualify, you must meet the current FHA or VA 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%. 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.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
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.
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.
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 620, 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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.