485 Derby Dr, Van Alstyne, TX 75495
3 beds · 2 baths · 2,107 sqft
This beautifully appointed home is ready for its next family to love and enjoy. This one is extra special. The seller's attention to detail is evident throughout the entire property. The circular drive is a welcoming and convenient bonus for this home. The main house features 3 bedrooms, 2 baths, a spacious kitchen, and a large laundry room. The family room boasts hardwood floors, built-ins, and a brick fireplace with a hearth. Upon entering, you’re greeted with stunning views through the back wall of windows that overlook the beautiful landscaped backyard. A second den can easily double as an office. The spacious kitchen has granite counters, a beautiful custom vent hood, gas range, island and breakfast bar. There is so much work and storage space. The 10x7 laundry room has room for a freezer. The darling guest house offers fantastic, efficient use of space. This property would serve the needs of a multi-generational family. The guest house could also be utilized for a rental, a private office or a sweet spot for your guests. The fully fenced backyard is an oasis with a sparkling pool and mature trees. The large patio is adorned with a charming pergola and Edison lights, perfect for outdoor living. Backing up to a tree line, the backyard offers a peaceful, private retreat. VAISD is an award winning sought after district. This friendly neighborhood is conveniently located 5 minutes from US 75 and 10 minutes from Preston Road. The property has access to 5G Fiber internet. Outside the city limits with a $1.67 tax rate. Mustang Rural Water District, GCEC Electric Co-op. The main house and apartment has gas stoves, powered by propane. Located in the coveted Steeplechase Country Estates neighborhood, this home is part of the award-winning Van Alstyne School District. The community is just 5 minutes from US 75 and 10 minutes from Preston Road. Van Alstyne itself is a thriving town, known for its festivals, concerts, restaurants, and friendly atmosphere.
Source: NTREIS #20888034
Financials
Source: Public records
Source: NTREIS #20888034
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.
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