4527 86th Street Ct W, Bradenton, FL 34210
- beds · - baths · 2,320 sqft
Under contract-accepting backup offers. Introducing a money-making monster in West Bradenton! This elevated duplex, built in 1990, features two fully updated units, each with three bedrooms and two baths. Both sides offer interior laundry, luxury vinyl plank flooring thoughout, freshly painted interiors (within 2 years), granite countertops, and updated bathrooms. One unit includes a brand new A/C, both sides have water heaters less than 2 years old, and the 2016 roof ensures insurance peace of mind. Elevated out of the flood plain, each unit has two covered carport spaces with storage units and tons of additional parking, and both exterior A/C units are elevated as well. The living rooms have extremely high vaulted ceilings with skylights, allowing for an abundance of natural light. The backyard is completely privately fenced with vinyl fencing. 1 side of this impressive and rare duplex has been left vacant for the ability of house hacking A.K.A. someone to live in one side with a conforming loan with as low as a 3% down payment and rent the other side out to offset mortgage expenses. The other side is currently rented out at $2300 a month. With no HOA and zero rental restrictions, located in unincorporated Manatee County, long term or short-term rentals are both prime opportunities for any investor. Just minutes from Anna Maria Island, this is an unbeatable investment! (All Pictures are from 4527. 4529 is comparably updated and currently rented)
Source: STELLAR #A4643888
Source: STELLAR #A4643888
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.