4561 Terrasanta, Pensacola, FL 32504
4 beds · 4 baths · 4,028 sqft
Welcome to this stunning two-story home, boasting over 4,000 sq. ft. of luxurious living space, in one of Pensacola’s most beautiful neighborhoods. From the moment you step inside, you’ll be captivated by the open and inviting layout, perfect for entertaining and everyday living. The living room is a true showstopper, featuring a gas fireplace flanked by built-in storage and bookcases, seamlessly connecting to the heart of the home—the kitchen. The kitchen is a chef’s dream, offering abundant cabinet and storage space, a large island with a cooktop, a built-in desk area, a wall oven, and a breakfast nook filled with natural light. Nearby, the laundry room is functional and spacious, with a sink, folding area, and plenty of storage. For formal occasions, enjoy the formal dining room, while the office/study, adorned with double glass doors and plantation shutters, provides a quiet retreat for work. The primary bedroom suite is on the first floor, offering a private and peaceful sanctuary with recessed lighting and ample natural light. The ensuite bathroom features dual vanities with ample storage, a large soaking tub, a separate tiled shower, two expansive walk-in closets with custom shelving, and a water closet. A convenient half bath is also located on the main floor. Heading up the beautiful staircase, you’ll find three generously sized bedrooms and a versatile bonus room. Two bedrooms share a Jack and Jill bathroom, while the third has its private ensuite bathroom. The bonus room provides endless possibilities as an additional family room, bedroom, or hobby space. This home is complete with a 3-car garage, a circular driveway, and a whole-house generator for peace of mind. Outside, the backyard is a serene oasis with beautiful trees, lush landscaping, and a privacy fence. Relax on the screened-in patio with a summer kitchen, perfect for outdoor entertaining. Make it yours today!
Source: PENSACOLA #658247
Source: PENSACOLA #658247
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. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
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 “Save search” 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 620, 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.