4000 N Meridian St Apt 14a # 14A, Indianapolis, IN 46208
1 beds · 1 baths · 1,000 sqft
There is a spectacular view of Indpls from this 14th floor condo in iconic Tarkington Towers. Ideally situated between Downtown Indy and terrific North side neighborhoods of Meridian Kessler/Butler Tarkington and Broad Ripple, this is maintenance free living with endless amenities. The unit needs work but offers a wonderful canvas to create your own personal oasis. The condo also boasts 2 rare and valuable deeded parking spots. (store a second vehicle or rent out 2nd spot for extra income). Relax on the balcony/porch and enjoy mornings to evenings, Downtown 4th of July fireworks and an easy, slow pace of life. Tarkington Towers offers 24/7 security, a fitness center, heated outdoor pool and bark park. There are numerous tennis/pickleball courts directly across the street and an outstanding playground/park for kids. This condo boasts a Storage locker in basement, Washer and Dryer in the unit plus a community washer/dryer in hallway. The $1,113 monthly fee covers everything including utilities, Wi-fi and cable. This is luxury living and convenience in one of the premier locations in Indianapolis. What an opportunity to make this unit your dream home!
Source: MIBOR #22003360
Financials
Source: Public records
Source: MIBOR #22003360
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.