5031 Lake Howell Rd, Winter Park, FL 32792
3 beds · 2 baths · 1,416 sqft
Check out this stunning Winter Park home with 3-bedrooms, 1.5-baths, fully fenced on over a quarter acre! Located in the highly sought Tanglewood community with NO HOA. The bones are strong with this one. Insurance is only $1,546.00 each YEAR!!! Upgrades include 2020 full repipe, 2020 new electric panel, 2020 all new windows, and 2017 new HVAC system! The entire home features newer Samsung appliances, updated lighting fixtures, and a bonus shower in the utility room that connects to a flex room with its own private entrance. Flex room can be converted into a studio for income potential or a space for hobbies. Additionally, there are two backyard sheds, perfect for storage of all your toys and equipment. This home offers easy access to major highways, making any commute a breeze. No further than a 3 minute drive to downtown Winter Park, top-rated restaurants, shopping centers (Publix, Walmart etc.), Rollins College, and the SunRail. The local YMCA is just steps away and home is across the street from Interlachen Country Club.
Source: STELLAR #o6223794
Source: STELLAR #o6223794
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: #o6223794