3202 SW 1ST AVE, Cape Coral, FL 33914
OVERSIZED CORNER LOT!! FLOOD ZONE X!! This property offers an assumable VA mortgage at an incredibly low 2.25 interest rate. This charming home, situated on an oversized corner lot in a prime location, boasts Western exposure to enjoy Southwest Florida sunsets. The property features a fenced yard perfect for storing a boat, truck, or RV. The fenced yard has double gates on both sides, providing ample space for vehicles to drive through if needed. The seller has refreshed the exterior with a new coat of paint and added a paved patio for additional backyard efficiency and charm. Inside, the home has been updated with new luxury vinyl plank flooring in the bedrooms, new cabinets, and stainless steel appliances in the kitchen, and the water heater is just two years old. Located in Flood Zone X, there is no mandatory flood insurance required. This is a wonderful opportunity for pet owners to enjoy the large lawn or use it for entertaining. The home is just minutes from the South Cape Entertainment District, Veterans Parkway, local restaurants, shops and businesses. Less than a 5 minute drive takes you to the nearest stores, and Cape Coral's only beach is just ten minutes away. All city utilities are in and assessments are paid!
You may be able to put down less than the total down payment amount of $150,045 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: #c7496022