2005 N Sparkman Ave
Orange City, FL 32763
3 beds · 1 baths · 1,268 sqft
$225,000
Get prequalifiedAbout this home
Under contract-accepting backup offers. One or more photo(s) has been virtually staged. MOTIVATED SELLERS! NO KNOWN ISSUES FROM HURRICANES! This home is the perfect combination of Old Florida charm and modern convenience. Situated on a .36 ACRE LOT with NO HOA, the possibilities are endless. There is space for a pool, boat or RV parking, playsets, parking for multiple cars, gardens, detached garages or workshops, etc. Though it offers ample acreage, it is still only about 5 miles from Downtown Deland, 2.5 miles from Blue Springs State Park, and just minutes from conveniences such as urgent care medical facilities, restaurants, gas stations, and shopping. Inside the home, the beauty of the genuine HARDWOOD FLOORS will immediately stand out. The bathroom has been tastefully-updated with new flooring, fixtures, and tile within the shower/tub space. Multiple AC units have been recently replaced. The kitchen features refurbished cabinets, brick backsplash, a newer stainless steel refrigerator, large farmhouse-style sink, and granite countertops. The storage cabinet/bureau in the kitchen conveys with the sale. There is no shortage of space from which to enjoy the outdoors, as the home boasts a front porch and spacious side lanai (with all new screens). The back bonus room or 3rd bedroom is spacious, making it an excellent candidate for office or work-from-home, playroom, crafting, storage, or media/movie space. It also has its own entrance, so it could be turned into an IN-LAW SUITE. This is a rare find on older properties, but this home features an INTERIOR LAUNDRY ROOM! Enjoy a rural feel and some elbow room between neighbors, while being just minutes away from modern amenities.
Source: STELLAR #o6209123
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FAQs
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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