4208 Oakbrook Dr, Oklahoma City, OK 73115
4 beds · 2 baths · 1,954 sqft
Assumable mortgage opportunity at 2.75% interest rate! Welcome to this 3 bedroom + 1 office or a playroom, 2 bathroom home. Located in a highly desirable, quiet, and family-oriented neighborhood with little traffic, near Tinker AFB. Step inside to a bright and inviting open concept living area with large windows throughout the home, where a gas fireplace becomes the focal point of the cozy family room. The large kitchen with connected dining area, features ample counter space, a pantry and plenty of storage. The utility room has a large closet, lots of cabinet space and a countertop for folding clothes. The washer, dryer, refrigerator and stove can stay with the home. The master suite is a peaceful retreat, boasting a generous layout and a door to the backyard patio. The master bath features a luxurious whirlpool tub, separate shower, and a walk in closet. The office has a new tile floor and access to the backyard porch. The huge backyard provides plenty of room for outdoor activities, with a shed and a separate gated area for a garden, and a Mulberry tree that produces edible fruit in the spring. Double gate on one side allows access with a riding mower or place for a storm shelter to be installed. The home features a two car garage with wooden shelving, as well as a working sprinkler system covering the entire property. The front flower beds become a butterfly haven in the spring and summer with wildflowers and perennials. The roof and garage door are 4 years old. Located in the Mid-Del School District, with two Private Schools just minutes away. Home warranty can be transferred to buyer and is $48 per month. Don't miss out on this fantastic opportunity to make this house your home!
Source: MLSOK #1160071
Financials
Source: Public records
Source: MLSOK #1160071
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.