151 SUMMER PLACE CIR, Pottsboro, TX 75076
Seller Moving Out of State! Welcome Home to Summer Cove. You will fall in love when you open the door. Inside you will find an open Living area with an Updated Kitchen, Island, Fireplace, Dining Room and Half Bath. The Upstairs Loft could be used for an extra Bedroom, Office or Flex Space with ample storage into the attic. Downstairs hosts 2 Bedrooms and 2 Full Baths. Relax on the patio with some Iced Tea taking in the views of the trees, greenbelt and all that Mother Nature has to offer. Secure Gated Entrance with a community pool, park, tennis courts and playground. Extra parking for your RV or lake toys. This home is only a short drive to Lake Texoma where you can relax by the beach, go boating and fishing or enjoy the gorgeous sunsets Lake Texoma has to offer. Owner added a Mini Split to main floor living in 2023. Owners Leaving Washer, dryer, refrigerator, 3 piece living room set, dining room set and King Size Bed Frame and Nightstands.
You may be able to put down less than the total down payment amount of $66,291 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: #20588429
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.