371 Piper Blvd, Detroit, MI 48215
3 beds · 1 baths · 1,560 sqft
ALERT! Dream home potential LOADING! Here's your chance to buy under $200,000 in a $300,000 neighborhood in the heart of Riverside and a block from The Detroit River! This charming 3-bedroom, 1.5-bath brick colonial offers a unique opportunity to create your perfect living space. Nestled in one of Detroit's most desirable neighborhoods, this home is just a block away from the serene Alfred Brush Ford Park, offering you unparalleled access to natural beauty and outdoor recreation. Step inside and envision the possibilities. The spacious living areas boast original hardwood floors that await your personal touch to restore them to their former glory. The living room features large windows that fill the space with natural light, and adjacent dining room holds great potential for hosting family dinners and gatherings. The kitchen provides ample counter space and cabinetry, ready for transformation into a modern culinary haven. Upstairs, you'll find three generously sized bedrooms and the full bathroom that retains its classic charm. The location couldn't be better. Riverside is a vibrant community known for its friendly neighbors and tree-lined streets. This house is surrounded by beautifully completed rehabs, making it a prime candidate for your own renovation project. Enjoy a morning jog along the riverfront, an afternoon picnic in the park, or explore the local shops and eateries that make this neighborhood so special.
Source: REALCOMP #20240089686
Financials
Source: REALCOMP #20240089686
Source: Public records
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%. 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.
Other resourcesWhat 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.