4485 LANCASTER LN, Titusville, FL 32796
Assumable loan at 3.25% (inquire for additional information). The 4-car garage plus additional basement-style storage room is one of a kind! The garage is 36 x 31 feet, so you can park two cars deep or a crew cab with an extended bed and still have about 16 feet of extra storage space. Even with 4 parked cars in the garage, there is more than enough room for a large workstation (about 8 x 15 feet). The main floor with open living, dining and kitchen was designed for entertaining. The long granite countertops in the kitchen make meal preparation a breeze. A spacious bar-height peninsula gives you the option to eat in the kitchen if you don't feel like sitting down for a formal dinner in the large dining room. Ready to entertain outside? The screened patio is perfect for bug free BBQ. The house is built on top of a hill, so the large bay windows in the living room offer quite a view and fill the home with natural light. Storage space will not be a problem in this home, which includes a unique basement style storage area adjacent to the garage. Conveniently located in the perfect area for an active lifestyle, this is just a short 500-foot walk to South Lake Conservation Area, which includes a 1.6 mile hiking and biking trail. Schedule a showing to see what your life could be like on the Space Coast.
You may be able to put down less than the total down payment amount of $128,045 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #1018204