300 Island Cove Dr, Newnan, GA 30263
4 beds · 6 baths · 8,560 sqft
GORGEOUS LAKE FRONT CUSTOM ALL BRICK RANCH HOME IN SOUGHT AFTER LAKE REDWINE NEIGHBORHOOD On 1.52 +/- Acre Lot Has Panoramic Views Through Custom Floor To Ceiling Windows Of The Lake And Boat Dock!! 4 Bedrooms & 4.5 Baths. Recently renovated home with Chef's Kitchen with high-end stainless appliances, fabulous Wolf 6 Burner Range in Brick Alcove, Warming Drawer, built-in Sub-Zero Fridge and custom cabinets with quartz countertops & quartz backsplash with huge quartz countertop island, oak hardwood flooring, Vaulted Beamed Ceiling sunroom that adjoins the Kitchen with beautiful lake views! Access to Back Covered Lake Viewing Oversized Breezy Screened Porch with Herringbone Brick Flooring. Family Room w/ coffered ceiling, fireplace w/ marble surround w/ gas starter & oak hardwood flooring, small nook off the family room with built-in shelving. Dining Room that seats 12 w/ oak hardwood flooring & built-ins & triple trey ceiling. Primary bedroom suite with water views with hardwood flooring & his and hers bathrooms spa bath huge marble tiled Shower, dual vanities with granite countertops and jetted soaking tub with custom designer closet, porch access. Two guest bedrooms on main, renovated adjoining bath & spacious walk-in closets with built-ins. French doors off the primary closet leading to the covered screen porch. Tiled laundry room with w/ mud sink, tiled backsplash w/ wood countertop & cabinets. Stunning basement complete w, designer kitchen/living space, Kitchen has quartz countertop & stainless appliances. Multi-Generational/ In-Law Suite/Teen-Suite or Nanny quarters. Office space, bedroom w/ huge walk-in closet w/ built-ins and tiled guest bathroom w/ granite countertop w/ vanity and tiled surround shower/soaking tub. Elevator that services both floors. Game room with hardwood flooring, w/ gas starter fireplace, built-in bar w/ sink, kegerator & mini frig and gym. Salt water Gunite Pool with tiled bathroom with vanity & tiled shower. Work-out room . 3 Car Garage with Circular Driveway! Lake Redwine lake offers a 300 +/- Acre Lake, Clubhouse, Marina, Lighted Tennis/Pickleball Courts, Playground, 2 Pools, Lake Fishing, Swimming, Resident clubs and Neighborhood Events!
Source: GAMLS #10465996
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Why Roam
Gap financing to lower your down payment
Unlock down payments as low as 5% – only with Roam
5x the likelihood your offer is accepted
If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close
Close faster and stress-free
We close 2x faster because of our deep experience and lender relationships
Rates and payments are estimates based on public records.
Source: Public records
Source: GAMLS #10465996
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. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
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 “Save search” 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 620, 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.