2101 Bishop Barrel Ln, Wylie, TX 75098
3 beds · 3 baths · 2,799 sqft
Welcome to your new home, a perfect blend of modern elegance & functional design! This exquisite property features a flexible open floor plan, allowing for seamless transitions between living spaces, ideal for both entertaining & everyday living. Step into the inviting office adorned with french doors, providing a quiet retreat for work or study. The heart of this home is undoubtedly the gourmet kitchen, featuring an oversized granite island, perfect for meal prep or casual dining. Equipped with a gas range, upgraded dishwasher, & built-in cabinets alongside a buffet area for additional storage, this kitchen is as functional as it is stylish. The main living & dining areas showcase wood-look tile floors, enhancing both beauty & durability throughout. Cozy up next to the craftsman-style gas fireplace surrounded by elegant tile, perfect for those chilly days. Venture upstairs to discover a large game room that promises endless fun & relaxation, complete with a convenient powder bath. The spacious primary bedroom is a true sanctuary, boasting a charming bay window that floods the space with natural light, complemented by an opulent ensuite bath designed for ultimate comfort. Step outside to your large lot, ideal for weekend barbecues or just enjoying some peaceful moments. This yard offers endless possibilities to be your own dream backyard oasis. Lets not forget the perks of the community location, schools are nearby, Lake Lavon is only a few minutes away & easy access to restaurants & shopping. The resort style community amenities include an onsite gym, pools, a lazy river, clubhouse, dog park, playground, walking trails, & more.
Source: NTREIS #20856721
Source: NTREIS #20856721
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.