214 SAMPAN DR, Galveston, TX 77554
Recently renovated waterfront home with plenty of room for entertaining inside or out. Some of the renovations include updated electrical system, HVAC, ductwork, water heater and roof. The interior features an enormous living, kitchen and dining area. The primary bedroom is large enough for a sitting area. Secondary bedrooms are oversized as well. Water views from most rooms. Outside is a waterfront paradise!! Relax or entertain! The upper deck is a great place to catch some sun or sit by the firepit while stargazing. The lower decks have much to offer as well. The outdoor kitchen has plenty of room at the beautiful bar. No need for a pool chiller. The pool is located on the east side helping the pool stay cool on those hot summer days. Perfect location for a boat ride or fishing with the quick and easy access to the Intra Coastal Waterway. Garage and storage areas have plenty of room for your cars, toys and tackle. Take a look at this fabulous property and you may not want to leave!
You may be able to put down less than the total down payment amount of $313,081 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
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.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #51203956
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.