20721 Auburn Leaf Trl, Land O Lakes, FL 34638
4 beds · 3 baths · 2,751 sqft
Under contract-accepting backup offers. **Assumable FHA Mortgage at 2.625%!** Welcome to your new dream home in Gated Lake Talia! With over 2,700 square feet this beautiful single-story, open floor plan, fully automated Smart Home features 4-bedrooms, 3-bathrooms, a separate den and office, large Florida Room, huge swimming pool and a 3-car garage. Enter the home into the foyer w/decorative tile entrance then step into the spacious formal living and dining rooms with 12’ ceilings, crown molding and sliders to the Florida Room. To your right is the oversized Master Bedroom w/crown molding, sliders to the Florida Room, bench seating area and separate his and hers closets. Stunning Master Bathroom features enormous vanity w/granite countertops and makeup area, dual sinks, garden jacuzzi tub, large shower stall and separate water closet w/2 windows for loads of natural light. Off the Master Suite is also a dedicated office with two entrances. From the formal living/dining rooms follow the flow of the home into the family room/kitchen area. The spacious family room features cherry hardwood floors, 12’ ceilings and double slider doors out to the Florida Room. The gorgeous kitchen features wood cabinets w/crown molding and granite countertops w/loads of counterspace, matching granite backsplash, long breakfast bar, stainless steel appliances, built-in desk and large walk-in pantry. There is also a breakfast nook great for everyday meals and a laundry room w/room for full-size washer/dryer and utility sink. The split floor plan finds bedrooms 2/3 and bathroom-2 on the left side of the home and in the rear of the home is bedroom-4 and bathroom-3 which also functions as the pool bath w/access outside to the pool deck. The rear of the home also features a separate den ideal for a second home office/study area/craft room it’s up to you. This home also features a large 21x16 Florida room w/real windows and screens for year-round enjoyment. Step outside to the home’s newest feature an enormous heated, salt-water swimming pool added in 2021. This amazing pool features a screened enclosure, pavered pool deck, sun shelf, LED lighting, water features, fully automated operating system and plenty of deck space for sunbathing. The entire backyard has a newer vinyl fence with plenty of room to roam. Sale also includes a HomeSeer home automation system which can control every device in the home ($5K value) which is fully transferrable to the new owners. Some of the homes additional features include; all lights have dimmer switches, new AC in 2018, solar water heater, front loader washer/dryer included, speaker system throughout the home, Ring doorbell, Nest Thermostat, pavered driveway, front walk and covered front porch, Rachio controlled irrigation system, custom landscaping and rain gutters. Gated Lake Talia is a secure, quiet community in a great location w/a community playground, pavilion, basketball court and lake w/fishing permitted and is near highly rated schools, shops, restaurants and an easy commute to Tampa and TIA. Lake Talia has no CDD and a low HOA.
Source: STELLAR #t3543135
Source: STELLAR #t3543135
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.