3927 SW Burk Rd, Lawton, OK 73505
4 beds · 3 baths · 2,627 sqft
Prime location for your ranch residence, located on 80 acres just a short drive to Lawton and Geronimo schools. A long, private driveway with a circular design leads to a spacious home, which is fully enclosed with barbed wire fencing. The property features a grand entrance, arched entry ways, custom window shutters, a private office, and a formal dining space. The large living room, highlighted by vaulted ceilings and a large wood-burning stove, creates a welcoming atmosphere. The open floor plan allows for seamless entertaining from the kitchen, which includes an island with additional seating, granite counter tops, double oven, electric stove top, updated refrigerator, dishwasher and garbage disposal. The split design includes a primary suite with a sizable bedroom, en-suite bathroom double vanity with granite counter tops, walk in shower and jetted tub option, and a luxurious walk-in closet, while two guest bedrooms are situated on the opposite side of the house. All bathrooms are equipped with granite counter tops. An oversized three-car garage comes with an above-ground storm shelter. Outdoor features include a 6-foot heated in-ground pool with a jacuzzi and three private ponds, perfect for fishing and enjoying local wildlife. This property is well-suited for horse or cow/calf operations and also includes a 40x60 barn equipped with electricity and water. HVAC system was updated 2 years ago and the home is equipped with enhanced locking mechanisms for the exterior doors.
Source: MLSOK #1159894
Financials
Source: MLSOK #1159894
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.
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