2416 NW 54th Ter, Gainesville, FL 32606
3 beds · 2 baths · 1,260 sqft
Welcome to this charming 3 bedroom, 2 bathroom home with 1,260 sqft of living space on 0.24 acres in a prime location! As you approach the home, you will appreciate the low maintenance yard with beautiful mature trees and a roof recently replaced in 2019. Opening the front door, you will find yourself in a spacious living area with a wood burning fireplace that you can enjoy on those colder winter days. The living room extends to a dining area that you can also use as a flex space. Through the french doors, step into your screened porch and large backyard with oversized concrete patio and enjoy plenty of space to play, relax or entertain. The backyard is fully fenced with a tall, wood privacy fence all around. The double gate in the back fence allows you to pull your camper or trailer into the backyard. The spacious kitchen features beautiful and durable quartz countertops, a large pantry closet, and an eat-in breakfast area. Through the kitchen you have access to the indoor laundry room and the garage. The bedrooms are situated on the right side of the house. The primary bedroom has an en-suite bathroom with a walk-in shower. The secondary bathroom has a tub-shower combo and is located in the hallway, providing easy access from the secondary bedrooms. The oversized 1-car garage provides ample storage space for your tools, yard equipment and additional belongings. You'll have lightning fast internet for work or entertainment with fiber optics throughout the neighborhood. This neighborhood has no HOA and is conveniently located just a few minutes walk from Buchholz High School, a short 5 minute drive from Santa Fe College, and less than 15 minutes from the University of Florida. Besides the easily accessible school life, you will enjoy the close proximity to Publix Supermarket, along with some of the best stores, dining and entertainment that Gainesville has to offer.
Source: STELLAR #GC528587
Financials
Source: Public records
Source: STELLAR #GC528587
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.