3501 Stonebrook Dr, Norman, OK 73072
4 beds · 2 baths · 2,306 sqft
ASSUMABLE VA LOAN! 3D Matterport walk-thru tour available! Step inside to you oasis just outside of the City! This Home is filled with an abundance of natural light from the moment you walk in & you'll be struck with upgrades galore throughout the property both inside & out. Inside there are 4 bedrooms - 2 bathrooms - 3 car garage (with storm shelter) - split floorplan + additional Florida room/bonus room (182 sq ft counted in sq footage). In the heart of the Home you'll find a beautifully updated Kitchen space with expansive floor to ceiling custom cabinetry lining the entire back wall of the room. Kitchen has been opened up with great bar seating & counter work space : pantry space : upgraded appliances : granite counters : single basin sink + all upgraded fixtures & lighting. Primary bedroom has been upgraded from the moldings on the walls to the gorgeous en suite that brings a mindset of relaxation the moment you step into the space. If you haven't fallen in love with the interior of the Home enough - the backyard will bring you over the edge with all the fun to be had. Overlooking the water view of the creek behind the Home - you've got multiple areas of sitting space to gather (on your trex decking) while also the option of the pool during our hot summers. Pool is completely gated off from half the yard & must be accessed by gate keeping safety top of mind. With just over 1 acre of property there is ample space for outdoor activities + ability to fish behind Home bringing such a unique aspect to this Home. With a location convenient to either Norman or Newcastle, you have access to both I-35 or I-44 & the ability to feel like you live in the country while having such easy access to the ease of city life. Don't miss out on this gem of a property that you've been dreaming about! See additional upgrades list of items and amenities included with property.
Source: MLSOK #1162460
Financials
Source: Public records
Source: MLSOK #1162460
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.
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 “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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.