290 Pine St, Ormond Beach, FL 32174
2 beds · 1 baths · 1,488 sqft
**This property qualifies for a closing cost credit up to $4,200 through the Seller’s preferred lender.**Look no further than this charming 2-bedroom, 1-bathroom home offering 1,008 sqft of living space on a lush .46-acre lot in Ormond Beach. This unique property provides dual access from both Pine St at the front and Fir St at the rear, enhancing convenience and accessibility. The exterior showcases a vibrant coastal hue, adding a cheerful touch to the home’s façade. Upon entering, you’re greeted by a versatile flex space, perfect for a home office or reading nook. Adjacent to this area, the living room exudes rustic charm with its shiplap walls and ceiling, creating a cozy atmosphere. The space seamlessly transitions into the spacious kitchen, which features ample eat-in space and connects to a convenient laundry room at the back of the home. Both bedrooms, located off the kitchen, continue the rustic aesthetic and share access to an updated bathroom. The property’s expansive lot is adorned with mature trees, crafting a tropical oasis just minutes from the beach. At the back of the lot you have the opportunity to build an ADU (Accessory Dwelling Unit) / detached mother-in-law suite as long as it is smaller than the current home; the current owners have already run water lines to the back of the property to make this an easy addition! Whether you’re seeking a serene retreat or a home with character and proximity to coastal amenities, this home offers a unique blend of both. Schedule your private showing today!
Source: STELLAR #O6294409
Financials
Source: STELLAR #O6294409
Source: Public records
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%. 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.
Other resourcesWhat 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.
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