213 Oak View Way, Summerville, SC 29483
3 beds · 3 baths · sqft sqft
3.25% ASSUMABLE FHA LOAN! BETTER THAN NEW CONSTRUCTION! Beat the brutal interest rate market by assuming this FHA loan for this well maintained Dan Ryan home nestled in the quiet community of The Ponds! This Tidewater floor plan is appointed to an alley lot that backs up to a large pond with a beautiful fountain. As you enter the home you're met with an inviting foyer and ample natural light. The dinning room offers enough space to fit an 8 person table with additional room for your buffet and hutch! The heart of every home is the inviting kitchen that overlooks the living room. The upgraded kitchen boasts quartz countertops, a tiled backsplash, gas range, refrigerator, and a sizable pantry. As you make your way upstairs, you'll find all the secondary bedrooms with the separatedowner suite, for added privacy. Additionally, the home is equipped with a flex space perfect as an office nook or convert it into a child's playroom! The large owners suite can easily accommodate a king size bed and offers ample space. The ensuite bathroom boasts a his and her sink, walk in tiled shower, a water closet, linen closet and large walk-in closet! As you make your way back downstairs and outside, you'll pass through the mud room that leads you onto the back screened porch. The large porch features a ceiling fan and is already wired for your television. The backyard comes fully fenced with an HOA approved 4' fence (maximum height) and a 2 car garage. The owners have upgraded the driveway by extending it and adding a paved walkway into the backyard. This home is packed with so much character and subtle touches by the owners, it won't last long! Come see it while it lasts!
Source: CTAR #24022020
Interest rate and monthly payment estimated based on public records.
Source: CTAR #24022020
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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.
MLS ID: #24022020
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.