4777 DESTITUTE WAY, Gainesville, GA 30506
This exceptional, timeless four sided brick, Lake Lanier home with a 3 car garage, grass to water, 162' of lakefront, beautiful lake views across the back of the home, and a private, covered twin slip dock with power and water, is perfect for experiencing the lake lifestyle! The welcoming entry foyer with custom window and hardwood floors opens into an office and separate dining room, both with plantation shutters. You'll enjoy evenings by the wood burning, double-sided fireplace in the living room and family room, the adjacent kitchen, laundry room, a sunroom with a separate AC unit and stone floor, and a screened porch. The spacious kitchen features granite countertops, stainless steel appliances, and lake views - all combining to offer a great space for entertaining. The large Master has wood floors and a trey ceiling with a huge bath featuring a double vanity, custom window, and a his and hers walk-in closet. Upstairs, you'll find a spacious room with a full bath that could function as additional office space, or a bedroom, and includes a large, floored storage room with high ceilings that could be converted to a closet. There are 2 additional generous bedrooms, a very large hallway full bath, and abundant storage. On the Terrace level, you'll enjoy another level of private living that boasts high ceilings. There is a secondary kitchen with a wood ceiling, pantry, island, a large space suitable for a Media Room or to customize, a charming gathering area with a fireplace, a second Master, all with doors to the covered patio and stunning lake views, and a hallway full bath. A tornado/safe room off the Master completes the Terrace level. Recent updates include the home's interior walls have been smoothed and are freshly painted, a new deck and railing, along with 2 new compressors. Destitute Way is a private road with 15 homeowners paying $100 annually for maintenance. You'll enjoy the easy walk to your private dock with power and water along with the expansive views. This gorgeous park-like setting includes adjacent CORPS land resulting in peace and privacy. Evening brings beautifully illuminated flower beds and trees with outdoor lighting that enhances the overall aesthetic of this home. Note: Photos with furnishings have been virtually staged
You may be able to put down less than the total down payment amount of $778,460 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: #7414449