10469 MARGARITA LOOP, Converse, TX 78109
Price Improvement on this charming one-story home in Paloma is adored by its residents and comes with numerous upgrades. Featuring 3 bedrooms, 2 bathrooms, and an open floor plan with high ceilings, recessed lights, and ample natural light. This home offers spacious living areas. The kitchen is a chef's dream, equipped with granite countertops, stainless steel appliances, a generously sized peninsula island, and gas cooking. The master bedroom, with its beveled ceiling and abundant closet space, includes an ensuite bathroom with a double vanity and an expansive walk-in shower. The secondary bedrooms are conveniently located away from the master and share a full bathroom with a tiled tub surround. Situated in the sought-after master-planned community of East San Antonio, residents here have access to sports courts and a picturesque park. The seller has added value to the home with solar panels, ceiling fans in all bedrooms, outdoor covered patio, upgraded kitchen faucet, bathroom fixture upgrades, and Brinks security system. This beautiful home is situated at the end of the street across from a greenery landscape with no neighbors in front .
You may be able to put down less than the total down payment amount of $60,326 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
What is Roam?
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.
What is an assumable mortgage?
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.
Why is an assumable mortgage valuable?
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #1771518