1201 ALCOVY ST, Monroe, GA 30655
You are going to love this nearly new modern home with all the upgrades, colors & design features you are looking for. The open floorplan is perfect for entertainers. The entire first floor features durable luxury vinyl plank flooring except the bathroom. You will love the kitchen with lots of bright white cabinetry, granite countertops, tile backsplash, sleek stainless appliances including a gas range & huge center island. The breakfast room is large enough to fit a table for 10-12. The sunroom/flex room is off of the breakfast and could be a playroom, home office, sun porch, plant room the uses are endless. Large greatroom with a modern fireplace that is both beautiful and functional while not being smokeless & ventless. Upstairs the primary bedroom and bathroom are very large. Barn doors invite you into the sleek bathroom with white tile, double vanities, water closet, freestanding tub, frameless glass around the shower with penny tile accents. The secondary bedrooms are roomy with great closet space. There is a second story porch to enjoy warm summer evenings. All the bathrooms feature tile floors, & showers with granite countertops. Mud area drop zone helps to keep your home organized. Two car side entry garage. Tons of good closet & storage space in this home. The sellers have left the woods behind the house for privacy but the trees can be cleared similar to the next door neighbor to make use of all .71 acres. Everything in this 6 year old home is in excellent repair. Many designer touches including gorgeous trim & molding. Nearly all the lighting has been upgraded. You will love this large home on this large lot. NO HOA. The loan is assumable at 3.25%.
You may be able to put down less than the total down payment amount of $217,083 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: #10355781