2240 SPRING CREEK CIR NE, Palm Bay, FL 32905
MOTIVATED SELLER!!! Your dream home is right here nestled within the friendly gated community of Sandy Pines Preserve. This 2693 sq ft 4/5 bedroom, 3.5 bath 2-story home backs up to the preserve for ultimate privacy. Formal dining room, renovated kitchen (countertops, sink, appliances, garbage disposal, lights), downstairs office/mancave, 2nd floor playroom/5th bedroom overlooking entryway, & a large mother-in-law suite on the 1st floor w/ separate AC & outside entrance. NEW ROOF 2021, WATER HEATER 2020, AC 2016 w/ new downstairs blower motor unit 2023. ALL SS appliances 2023 & DW 2021, (2) Washers & Dryer 2019/2021 CONVEY! New Flooring through 60%, fresh paint, new garage door springs/cables, new lighting, new exterior meter box & a BRAND NEW 16'x21' PAVER PATIO overlooking recently renovated backyard w/ new grass & sprinklers. OVER $35k in improvements! COMMUNITY POOL. Great private/charter schools nearby free/almost no cost with Florida's STEP-UP program. Lawn care by HOA.
You may be able to put down less than the total down payment amount of $73,988 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: #1008904