1040 Drakeshire Dr, Commerce Township, MI 48390
4 beds · 2 baths · 2,310 sqft
4 bed 2.5 bath home located in highly desirable Foxcroft subdivision and award winning Walled Lake School District. Home has had many updates the past few years including newer roof, siding and windows in 2022, water softener, iron filter and pressure tank in 2021. The interior features a sizable formal living room/dining area that leads from the front door to the kitchen. Kitchen has plenty of storage and granite countertops and flows into your large family room with wood burning fireplace. Upstairs you have a great primary bedroom with private full bath. 3 other nicely sized bedrooms and a second full bath finish the second floor. Outside you can enjoy the summer days and nights on the sprawling deck overlooking your beautiful backyard. Close to shopping, express ways and dining, this home is in a great location. Home does need a new well which the seller is offering concessions to cover at closing. Home is being sold AS-IS and cash only.
Source: REALCOMP #20250011200
All values shown are estimated costs / mo.
Source: Public records
Source: REALCOMP #20250011200
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 of Equal Opportunity Act.