464 County Road 262, Mico, TX 78056
3 beds · 3 baths · sqft sqft
Ask about the VA assumable loan at a very attractive interest rate. Medina Lake has been called some of the most beautiful Rural Real Estate in the state of Texas. When the trees bloom, you get the beauty of the Texas Hill Country and in the deep-water areas of Mico, TX on the lake, the water views are breathtaking. Located on the Masterson's Point Peninsula this property features (3) structures at one of the highest points on Medina Lake. Structure #1 (main structure) is a 1,289 sq. ft. structure on a pier and beam foundation with a downstairs bedroom with a full bath and a loft upstairs that fits a bed on each side with a shared full bathroom. The downstairs features a large living room/dining room with an open floor plan, a 20' peak, vaulted stained wood ceiling with large picture windows facing the lake. This structure also features a 34' x 9' wood deck facing North toward the lake. Structure #2 is a Cabin featuring a 264 sq. ft. studio including a full bathroom and the other 119 sq. ft of the cabin is a second utility room/storage. This structure needs a kitchenette to be complete but is a livable space with a functioning window unit. Structure #3 is a newly added 40' x 30' metal building on a slab foundation at the top of the hill closer to the entrance gate. One garage door is oversized to fit a boat on a trailer and the second garage door is a standard single-car garage door. There is an approx. 10' x 30' section that is framed with utilities run for a studio living space, a bathroom, and a closet. This building also has a covered front porch and a gorgeous stained concrete pad featuring a Cowboy hot tub and fire pit. In addition the property features a partial security fence with a rolling gate, a paved asphalt road from the street to all three structures, a newly installed 900' well, a fenced-off chicken coup, a garden, xeriscaping, a 20' x 20' metal roofed Gazebo with a fan and solar powered lights, paved stairs from the main structure that lead to one of the few concrete bullheads that were allowed on Medina lake that sits right at the peak water line. Also included is a steel boat dock, with a metal roof, a jet ski pad, lights and a boat lift as seen in the pictures. NOTE: This is an irrigation lake and lake levels do flucutate.
Source: SABOR #1809892
Interest rate and monthly payment estimated based on public records.
Source: SABOR #1809892
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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.
MLS ID: #1809892
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