1548 REDWOOD GROVE TER, Lake Mary, FL 32746
This newly updated 5 bedroom/4 bath home will impress any buyer looking for an exceptionally updated and well-maintained home. As you approach the home there is a 3-car garage and as you approach the front door, you’ll notice the upgraded stacked stone elevation flanks and custom designed front door which leads guests into the living area featuring high ceilings and with new luxury vinyl floors throughout the entire home. A separate dining room with tray ceilings and crown molding lends a more formal feeling for gatherings while the casual family room that overlooks the pool area is great for entertaining. The stone fireplace is the perfect place for those cold Florida winters. The family room is open to the updated custom designed kitchen. The kitchen features 42” cabinetry, all new stainless steel appliances including range with double ovens, center island, new stone counters, stone-tiled backsplash walk-in storage and a separate wet bar/pantry dividing the kitchen from the dining room. Split bedroom plan with the primary bedroom on one side ensures privacy and features the 5th bedroom with new French doors perfect for a study or office. The large covered lanai, and pool/spa overlooks Wekiva conservation forest and features outdoor living complete with the ”egg” grill as well as a vented stainless steel cooking grill. This is the perfect space for watching your favorite sports team, BBQ with friends and enjoying those Florida sunsets. All bedrooms are downstairs except for the large bonus room with newly updated full bath upstairs and new luxury vinyl flooring. The perfect space for gaming or watching a movie. When the power goes out have no worries, this home is wired for a whole house generator. Magnolia Plantation offers a community with a beautiful park, playground, tennis courts and lots of local wildlife. Tile Roof 2020, AC 2017, Water Heater 2016, New pool system.
You may be able to put down less than the total down payment amount of $353,405 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: #o6237967