205 N Old Stroud Rd, Stroud, OK 74079
3 beds · 2 baths · 2,944 sqft
Discover the charm of this beautifully converted historic schoolhouse situated on approximately 3 acres just off Route 66. This unique farmhouse features a gated driveway leading to a scenic property adorned with mature trees and a delightful wraparound porch. Inside, the home, open living spaces with stunning 12-foot ceilings in the living and dining rooms. The living room offers large built-in storage and a decorative fireplace, while large windows flood both spaces with natural light, offering serene views of the sprawling grounds enhanced by excellent lighting. Perfect for hosting, the kitchen is equipped with an abundance of uniquely designed cabinets, a newer appliances. An inviting island includes an extra sink, additional storage, and space for casual dining. The primary suite creates a resort-like ambiance with a cozy sitting area, another fireplace, extensive closet space, and a luxurious ensuite bathroom featuring a large vanity with dual sinks, a walk-in shower, and a two-person corner jetted tub. Adjacent to the master suite is a convenient over sized laundry room with additional storage, and a utility sink. This property offers an abundance of unique features and space for comfortable living and entertaining. Prospective buyers are encouraged to verify all information.
Source: MLSOK #1145505
Financials
Source: Public records
Source: MLSOK #1145505
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.