318 LAKERIDGE DR, San Antonio, TX 78229
MOTIVATED! Come see this lovingly maintained and thoughtfully updated mid-century ranch home, situated on a .49 acre lot in the coveted Oak Hills neighborhood, an architectural park-like community with modest restrictions and no HOA. The unique modern character of the home is exemplified by one-of-a-kind architectural features including a slate front landing, curved Austin limestone brick interior and exterior walls, abundant windows, French doors, hardwood oak flooring, and expansive decks for entertaining. Built by designer builder James "Jimmie" Smart, the home was designated "The Smart Home" in the San Antonio Light in 1955, when first offered for sale. Walking up to the home, visitors notice two grand live oak trees and a small wildflower rain garden among the tasteful landscaping features, plentiful new vinyl, double-paned argon gas insulated windows, and a standing seam metal roof recently installed. A large driveway adds abundant parking for visitors in addition to the oversized 2-car garage with extra spacious storage room, enough room to store boats or RVs as well. Privacy is a benefit of being sloped down from the street and a French drain system is operational for peace of mind. Inside this custom build, an open floor plan is the center of the home with a living room, sunken family room, breakfast room and huge galley-style kitchen all open to each other, in a neutral ceramic tile and with abundant lighting from windows. These windows open the view to a sweeping rear deck and backyard, with winter views of downtown San Antonio. Originally a three-bedroom ranch home, two bedrooms were combined to create an expansive dual primary suites with ensuite bathroom, double vanities, double walk-in closets, and hardwood floors. A cozy second bedroom and guest bathroom with pedestal sink and linen shelves complete the original portion of the home, and a roomy second primary bedroom, ensuite bathroom, and massive walk-in closet were added to the other side of the home, giving both suites privacy. A formal dining room is separate from the living area and can be used for dining, or as an office, family room, or additional large bedroom space. The kitchen is a cook's dream with space for multiple stations for entertaining and is equipped with matching stainless appliances: a built-in convection oven and convection microwave combination, gas cooktop, and refrigerator. The kitchen is complete with a beverage refrigerator and a closet pantry. Off the breakfast area, a bright, large laundry room lends additional storage space for the home. Outside, the two-level covered deck is adorned in one-of-a-kind faux bois wood accents and steps down in three places - towards the plumbed and wired storage shed to the left, down to the huge privacy-fenced backyard at the center, and to a 12' x 24' hardscaped raised platform for barbequing or to house an above-ground pool or hot tub to the right. The backyard is an outdoor oasis with mountain laurel, two Surecrop nectarines, pomegranate, green fig, and 7th-year Choctaw pecan trees. The Oak Hills neighborhood includes wide streets, favorable covenants and deed restrictions, a voluntary citizens association, a several-acre central greenspace (city managed), and membership access to the Oak Hills Country Club. The charm of the mid-century neighborhood is all of the architecturally unique homes and the views of San Antonio driving through the neighborhood. Convenient to major highways and immediately next to the South Texas Medical Center and thriving international district. Schedule your appointment today to come see this versatile and unique home.
You may be able to put down less than the total down payment amount of $260,625 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
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.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #1761076