1064 Highway 20 E, Mcdonough, GA 30252
5 beds · 4 baths · 6,101 sqft
Back on the Market due to no Fault of the Seller! Exquisite Southern Estate on seven and a half acres near McDonough Square! Welcome home to your private wooded retreat! This stunning custom home is a beautiful blend of style, solitude, and comfort. From the moment you enter the long private driveway, you will feel like you are coming home. The home has a stately presence that offers seclusion and elegance. As you come up the stone entrance and enter this 6101 Sq Ft, 5-bedroom, 4.5-bath house, you'll be captivated by the wood floors, the soaring ceilings, the open floor plan, natural light, beautiful finishes, and a floor-to-ceiling gas fireplace with built-in custom bookcases. The Main Level Great Room is a large open space with soaring ceilings and tall windows that extend into a Dining Area and Gourmet Kitchen with exposed beams and custom cabinetry, oversized islands, and stainless-steel appliances. Enjoy the outdoors from your covered deck, overlooking the expansive yard with private lake views. This level includes a large screened-in porch off the dining area and three French door openings onto the entire upper-level deck. Following the main hall framed by board and batten walls, you will find a luxurious primary master suite with a soaking tub, double vanity, and a walk-in shower. Adjacent to the master is a cozy office/study, and a laundry room. The upper level includes a 2-car garage, mud room, and workshop/storage area. Gorgeous custom-crafted guest rooms and a full bath await your guests at the opposite end of the house with wood walls and tin ceiling accents. A staircase leads down to the three-sided window terrace level of the home. On this 2BR, 2 Bath terrace level, you will step into a foyer area that leads into another open floor plan, multigenerational space with another large master ensuite, additional bedroom and full bath, full kitchen, laundry room, gym/bonus room, and another single-car garage. Relax in the backyard as the terrace level opens to the covered patio leading to the large private backyard. All of this includes high speed internet, sprinkler system, security system including a 24x7x365 16 camera system to ensure the family is safe and your assets are monitored. This gorgeous estate property has your name on it! It is perfect for private living or entertaining. It is perfect for everyday living. It is simply perfect. Schedule a private showing today.
Source: GAMLS #10423197
Financials
Source: Public records
Source: GAMLS #10423197
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.
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.
How can you find assumable mortgage listings?
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 “Get Notified” 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.
How do I qualify for an assumable mortgage?
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.