20 Balfour Dr, Covington, GA 30014
5 beds · 3 baths · 5,540 sqft
Get a free consultation call with an expert in the mortgage assumption process.
This beautiful home is located in prestigious Lochwolde and on a quiet cul-de-sac and close to 5,500 square feet. This full brick ranch on a basement has 5 bedrooms and 3 1/2 bathrooms. The primary suite has an ensuite bathroom with 2 sink areas, 2 closets and a bidet. 3 additional bedrooms and another full bath with that has 2 bidet toilets and sinks are located on the main floor. The large great room has plenty of room for entertaining along with the huge screened in sunroom and a separate grilling area with a couple different doors to access it! The open kitchen has a separate cooktop and walled oven and microwave. Look out at the yard from the 2 windows over the sink! Just off the kitchen is a large walk in pantry and an oversized laundry room with a sink. The hallway has a wine/cocktail area as well ana 1/2 bath off of it. The FULL basement has an additional full kitchen with granite countertops, PLUS a second laundry room. It has a huge entertaining room with built ins as well as a large living area which is great for a pool table! An additional oversized bedroom along with a full bath are also just off the kitchen. There is another large covered porch along with an area with an outdoor brick fireplace. The basement is wheelchair accessible with a concrete sidewalk. There is also plenty of storage in an additional room and a door for your mower! You can watch the deer on this almost 2 acre wooded lot with a fenced in yard. The subdivision has a large lake with a gazebo for your enjoyment. It also has swim/tennis, a clubhouse and a playground. Everything you need is all right here!
Source: GAMLS #10502020
Learn about how it works
Why Roam
Gap financing to lower your down payment
Unlock down payments as low as 5% – only with Roam
5x the likelihood your offer is accepted
If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close
Close faster and stress-free
We close 2x faster because of our deep experience and lender relationships
Rates and payments are estimates based on public records.
Source: Public records
All values shown are estimated costs / mo.
Source: Public records
Source: GAMLS #10502020
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.
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.
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.
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.
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.
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.