1502 Cherrywood Ave, Tampa, FL 33613
3 beds · 3 baths · 2,345 sqft
This beautifully remodeled lakefront home shows amazing! Nestled in the picturesque Lake Magdalene area of Hillsborough County, this stunning residence offers the perfect blend of modern comfort and timeless charm. As you step inside the 3 bedroom, bonus room plus an office, you'll be delighted with the open layout and brand-new updates in every room, from the gleaming floors to the stylish fixtures, ensuring a fresh and contemporary ambiance. One of the highlights of the exceptional home is its breathtaking view of the serene lake, offering a tranquil backdrop that you'll never tire of. Imagine waking up to the gentle ripple of the water and enjoying your morning coffee on the private patio as you soak in the natural beauty that surrounds you. But the luxury doesn't end there - a welcoming pool awaits, offering the perfect spot to relax, unwind, and entertain year-round. Whether you're enjoying a refreshing swim on a hot summer's day or hosting a lakeside gathering with friends and family on Lake Newlands. Located in a highly sought-after neighborhood of Lake Magdalene, this property offers more than just a place to live - it provides a lifestyle. You'll find it all right here whether you're seeking a peaceful retreat or a vibrant community atmosphere. Cherrywood residents even have optional access to a community property on Lake Magdalene ($50 a year HOA), a boat ramp, and lake use. Don't miss out on the opportunity to make this incredible house your new home. Schedule a showing today and experience the epitome of luxury living in the Lake Magdalene area! This property has a VA assumable loan available as well as qualifies for the opportunity loan, please see attached flyers in the MLS.
Source: STELLAR #tb8327891
Interest rate and monthly payment estimated based on public records.
Source: STELLAR #tb8327891
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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.
MLS ID: #tb8327891
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.