5050 Burlington Ave N, Saint Petersburg, FL 33710
2 beds · 1 baths · 888 sqft
Under contract-accepting backup offers. Welcome to this delightful 2-bedroom, 1-bathroom home with a 1-car detached garage, perfectly situated on a spacious corner lot in the sought-after Live Oaks Neighborhood of St. Petersburg. From the moment you arrive, you’ll be drawn in by the fantastic curb appeal and inviting atmosphere of this home. Inside, you’ll find wood laminate and ceramic tile for easy care. The large kitchen is well-kept and fully equipped, featuring classic Formica countertops that add a touch of charm. Both bedrooms are bright and generously sized. A set of rear sliding glass doors off the dining area leads to a fully fenced backyard, perfect for privacy, pets, and outdoor enjoyment. The adorable patio area is ideal for entertaining or simply unwinding beneath the shade of the mature oak trees. This property is a non-flood zone and is high and dry. Nestled in Northwest St. Petersburg, this home offers unbeatable convenience—just minutes from Downtown St. Pete, Tyrone Mall, I-275, top-rated restaurants, golfing, parks, schools, and some of Florida’s most beautiful beaches. The Live Oaks Neighborhood embodies the charm of a classic big-tree community, making it a truly special place to call home. Don’t miss this opportunity—schedule your showing today!
Source: STELLAR #TB8362411
Source: STELLAR #TB8362411
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.