20505 SE 74th St, Newalla, OK 74857
3 beds · 3 baths · 2,385 sqft
FIVE ACRE FARM FOR YOU! This amazing home features three bedrooms, three bathrooms, a beautiful modern farmhouse kitchen that features a gas cooktop, open shelving, a moveable island, custom drawers, and a huge walk in pantry. The same wood flooring goes throughout the main floor in which you will find a generous entry, an enormous living area, the kitchen, a dining room with corner hutches, the laundry room, and a full bathroom. Upstairs there are two great size bedrooms, a nice size hall bath, and the primary bedroom with attached bathroom. All rooms have more than ample closet space. Outside the living area you will find a graceful covered porch looking north viewing the five acre farm which is cross fenced and ready for your livestock. There are currently goats, chickens, and cows living in the barn (16' x 10') and adjoining pens. The two story workshop/storage area (20' x 30') is a perfect place to house your belongings or work on your projects. The steel constructed carport is tall enough to safely cover an RV and there are RV ready outlets already installed. The storm shelter is located just beyond the carport. Five Acres - check. Barn - check. Workshop - check. Beautiful interior - check. Easy access to interstate - check. This one checks all the boxes, so what are you waiting for? Schedule your showing TODAY!
Source: MLSOK #1155496
Financials
Source: MLSOK #1155496
Source: Public records
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%. 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.
Other resourcesWhat 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.
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