316 SE 16th St, Cape Coral, FL 33990
4 beds · 2 baths · 2,010 sqft
Experience Florida style living at its finest in this newer construction four-bedroom, two-bathroom home located in Cape Coral. With city water and sewer assessments paid, NO FLOOD REQUIRED, enjoy peace of mind and convenience. Boasting 2010 sq ft of living space, this residence features tile flooring throughout the main areas and plush carpeting in the bedrooms. The kitchen is a chef's dream with granite countertops, under-cabinet lighting, and stainless steel appliances. Retreat to the spacious master bedroom, which includes sliding glass doors leading to the screened lanai, two walk-in closets, and a luxurious master bathroom with dual sinks, a soaking tub, and a walk-in shower. Additional highlights include 16 SEER air conditioning unit for optimal comfort. Step outside to the southern exposure screened lanai area Jacuzzi with plenty of room for a pool, 6 foot fence gives perfect privacy for entertaining or simply relaxing by the firepit. Enhanced landscaping adds to the curb appeal of this charming property. Situated in a well-established freshwater neighborhood, this home offers proximity to amenities and recreational opportunities. Whether you're looking for a permanent residence or a vacation retreat, this Cape Coral gem is sure to exceed your expectations. Don't miss the opportunity to make this home your own.
Source: FORTMYERS #225028320
Source: FORTMYERS #225028320
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.