240 Indian Creek Rd, Locust Grove, GA 30248
5 beds · 3 baths · 4,563 sqft
Price Improvement - Assume this home's 4% mortgage, allowing a buyer to potentially take over the current loan with a lower interest rate than today's market rates! Also **USDA eligible** Welcome your private sanctuary with NO HOA on three acres of land, giving you plenty of space and endless possibilities. This Craftsman-style home features hardwood on the main floor and wood accents that give a farmhouse feel. A guest bedroom and bathroom are located on the main floor along with a spacious master bedroom ensuite with double vanities, a separate tub/shower, and a walk-in closet. The custom kitchen offers functionality with stainless steel appliances, a breakfast area, and a separate dining room off the side. Upstairs, a wrought-iron catwalk overlooks the family room and there are 3 additional bedrooms (one with a carved out play area) and a spacious shared bathroom. The unfinished basement is stubbed for a bathroom and has 1,837 sq ft of space to create a home gym, entertainment room, extra storage, or even a separate apartment. From the main level, walk out the back to a covered porch and look out onto the 3 acres of land surrounding your new home. This property is a blank canvas inside and out, ready for your personal touch to create anything you can dream of.
Source: FMLS #7466374
Source: FMLS #7466374
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.
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 “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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.