1077 RIVER OTTER WAY, Deland, FL 32720
One or more photo(s) has been virtually staged. <br><br> ***Attention Veterans **VA ASSUMABLE!*** Call your Realtor for all of the great details! <br><br> This beautiful Coral model is a must-see! And the location of the lot is terrific! A beautiful two story (built in 2021) home, with an open and bright great room, kitchen, and more, downstairs. The bedrooms, laundry, and a nice open, but cozy, loft are all on the second floor. <br><br> The lot is located on the end of the block, and has a large dry retention pond behind it. So, no homes to the right, or to the back of the home!! The back yard is enclosed with a nice white vinyl privacy fence on two sides, and a slatted, lower fence in the rear, to be able to appreciate that great view! The caps of the rear fence also have solar lights – very pretty at night. A nice sized screened lanai – with room for lounging, and/or bringing meals outdoors. <br><br> The first floor has beautiful wood look tile, quartz counters, stainless steel appliances, a trash cabinet – to keep that nicely hidden away, yet convenient-extra drawers in the kitchen, and an oversized bar for plenty of room for food prep, projects, or entertaining, as well as for fitting 4 bar stools across there comfortably. The spacious dinette is another area to relax with morning coffee, or dinner - all while enjoying the outside view. There is a ½ bath downstairs – nicely located off the main area. The large family room space is close enough to be part of the family activities, but also off to the side a bit, to be a cozy spot for catching up on your favorite TV shows. Such great window placement, and triple sliders, all which can let in so much natural light. Below the stairs is a surprising amount of storage space – or a really fun play fort! <br><br> Upstairs – the laundry room is between the bedrooms – very convenient, as most of the laundry is stored in the bedrooms/bathrooms. The loft is a nice bonus – a great place to set up for so many possibilities – game area, play area, home school area, office, and more. <br><br> The three car garage is always a plus – even if you only have one car – the extra space is always appreciated! A couple of nice surprises with this garage are the rear door – opens to the back yard – much easier for doing yard work, and the built in upper cabinets – again – more storage! <br><br> This home also has a whole house water softener, and an under the (kitchen)sink R/O system. The low HOA covers the playground, common areas, and reclaimed water for lawn irrigation – that’s a savings for sure! <br><br> And one of the best things about this home?! That solar panels have already been installed, with assumable payments– making the monthly energy bill very affordable! <br><br> This is such a beautiful home, with so many great features – you’ll want to call your Realtor to make an appointment to see it soon! <br><br>
You may be able to put down less than the total down payment amount of $50,644 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: #o6221107
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.