2550 N Vine Ave, Tucson, AZ 85719
7 beds · 4 baths · sqft
Occasionally we have a gem that comes on market, and this one happens to be one of them! This turn-key ready home is an Investors dream, featuring 7 bedrooms and 3.5 baths, imagine the possibilities! Home was previously a State Certified Assisted Living Facility and owners remodeled to bring up to code by installing a commercial grade whole home fire suppression system along with a commercial fire safety system. Home has been extensively remodeled to include installing a new water heater 2021, new outside stucco just added to replace some metal siding, adding a new indoor laundry room, splitting one of the bedrooms to convert to 2 more bedrooms, making this a 7 bedroom home, removing all carpet, remodeled some of the bathrooms to included new fixtures, new tile surrounds, new toilets, new pedestals, new metal fencing around the whole property, removing wood paneling throughout home and adding new texture and paint, installing new lighting fixtures, the list goes on and on. This property will not disappoint and is located minutes away from the University of Arizona, UMC, Arizona Health Center & Cat Tran and many local restaurants and amenities! Home is located on a corner lot with tons of street parking, need more parking?? you can open up side gate to take advantage of private parking space in yard. This home is located on a huge lot, and you have the room to add a ADU/casita for even more income potential! Home was previously used as AIRBNB and Seller can provide receipts of stay! House hack, build a tiny home on the property, live there and rent out this home for a massive income potential! Home can be used as AIRBNB, Assisted Living Facility or rent to traveling nurses or U of A students!! Take advantage of this great opportunity and give me a call to schedule your showing !
Source: SOUTHAR #22429182
Interest rate and monthly payment estimated based on public records.
Source: SOUTHAR #22429182
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: #22429182
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.