1722 Farmstead Ln, Oviedo, FL 32765
4 beds · 4 baths · 2,846 sqft
One or more photo(s) has been virtually staged. Welcome home to Lukas Landing, a gated community of 50 homes located in the heart of Oviedo. This quality-built MI home features a well thought out floor plan with 4 Bedrooms, 4 full Baths and a huge bonus room upstairs. The bonus room has a dedicated full bath and a walk-in closet for maximum flexibility. The downstairs bedrooms are configured in a 3-way split plan making the separate guest suite very private. The Primary suite is located on the rear of the home and features a tray ceiling, 2 large walk-in closets, a luxurious master bath with an oversized walk-in shower & dual vanities. A separate French door leads to the screened lanai overlooking the privately fenced backyard. The gourmet kitchen will delight the chef in the family with the oversized breakfast bar complete with electricity and cabinets all the way around. There are an abundance of 42” overhead cabinets, stylish backsplash, GE Stainless appliances, granite countertops and a walk-in pantry. The open dining area is steps away from the kitchen and completely open to the Great room which is the perfect flow for entertaining guests. You will love the look and durability of the ceramic plank tile throughout the living area and all wet areas with carpet only in the bedrooms. There is an oversized laundry room equipped with a laundry tub and shelving. The extra bonus to this home is a full house generator which is included. MI Homes energy saving signature features include: the Core Fill block insulation, the reflective solar roof decking with R-38 ceiling insulation and Low E insulated double pane windows. Additionally, MI offers a 15 Structural Warranty which is valid through 9/29/2032 and the Home Builders limited Warranty that is good through 9/29/2027. The Oviedo community is known for their top-rated Schools being one of the best places to live! Convenient to Oviedo Hospital, the 417 for an easy commute to the airport, downtown or the beaches. You will want to show this home to your most discriminating Buyers.
Source: STELLAR #O6268796
Financials
Source: Public records
Source: STELLAR #O6268796
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.
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.