177 Camellia Ct, Freeport, FL 32439
3 beds · 2 baths · 1,736 sqft
177 Camellia Court could be the best value in Hammock Bay. This lovely home is a full brick, three bedroom, two bath water-front gem with a two car garage and fenced yard. All of that on a low traffic street that is short walk or ride to all the neighborhood amenities, Props brewery, the General Store and the new middle school for $425,000? This is the one.Walking in the front door you will notice the flex/playroom off the foyer with French doors for a little more privacy or quiet if needed. The kitchen has tons of storage and counter space including the island and dining area.The front two bedrooms share a hallway and bathroom towards the front of the home for a little space between kids/guests and the master suite. The master suite will easily hold your king bed an furniture. The master bath has a shower, tub, double sinks and a walk-in closet. The living area is open to the kitchen and has great natural light through the windows and glass door overlooking the yard and pond. The back yard is fully fenced with a gate out to the pond, and an entry gate on either side of the home. Recent updates include interior paint, a whole new HVAC system, 50-gallon gas water heater, and a gas line run above the kitchen if you would like to upgrade to a gas stove in the future. Another great feature of the Gardens neighborhood is that it is a closed loop, so you should have very little through traffic. The yards are also large enough to allow for a little more room to move without feeling like you are in your neighbors back yard. The hard work is done. You just need to unpack and settle in.
Source: EMERALDCOAST #970116
Source: EMERALDCOAST #970116
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. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
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 “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.
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 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.
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