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$265,000 SIGNIN

Sign in to see required down payment for the 5.11% rate

1281 Highway K, Saint Clair, MO 63077

3 beds · 1 baths · 1,800 sqft

Concierge

Get a free consultation call with an expert in the mortgage assumption process.

Price Reduction! Two Homes on 2.2 Acres in Franklin County This isn't just a property; it's a lifestyle, offering incredible flexibility with two distinct homes awaiting you. Picture yourself in the spacious main residence, where modern living meets everyday comfort. The stylish and durable LVP flooring flows seamlessly throughout, leading you to a versatile bonus room that is the perfect canvas for your home office, creative studio, or cozy den. Step out onto the delightful back patio and envision peaceful mornings and starlit evenings. With a large detached 25'x27' garage and a sprawling barn, storage and hobbies are effortlessly accommodated. But that's not all! A charming separate 540 sq ft guest house offers a world of possibilities – welcome extended family, host visiting friends in comfort, or explore the potential for rental income. This self-contained space has its own kitchen, living area, bedroom, and bath, ensuring privacy and convenience for all.

Estimated
Seller's interest rate
5.11%
7%
Estimated
Monthly payment

$1,220
$1,388
You may also save up to $54,483 in total interest paid.

Learn about how it works

Why Roam


Gap financing to lower your down payment

Unlock down payments as low as 5% – only with Roam

5x the likelihood your offer is accepted

If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close

Close faster and stress-free

We close 2x faster because of our deep experience and lender relationships

Rates and payments are estimates based on public records.

Financials
Seller’s estimated current equity is SIGNIN
To assume this mortgage you must cover the seller’s equity by using your cash or by combining your cash with gap financing.
Estimated $1,388 monthly payment

Financed
SIGNIN
Location
Use two fingers to move the map
Loan details
Loan type
FHA
Rate
5.11%
Remaining term
27 yrs and 1 mo
Remaining balance

Source: Public records

Monthly payment

All values shown are estimated costs / mo.

Total
$1,220
Principal & interest
$805
Mortgage insurance
$105
Property taxes
$146
Home insurance
$163
HOA fees
-
Utilities
Not included

Source: Public records

Home details
Size
1,800 sqft
Lot size
2.29 acres
Year built
1948
Type
Other
HOA dues
$0.00

Source: MARIS #24055873

Qualify

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.

Resources
Frequently asked questions

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.

View all FAQs
Last updated: May 04, 2025 06:16 pm
Listing agent: Harold Rees
Listing provided courtesy of: Realty One Group Trifecta (314) 391-6789
Details provided by MARIS and may not match the public record.
MLS ID: #24055873
Based on information submitted to the MLS GRID as of May 05 2025 - 06:16. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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$1,220
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