507 Mesquite Dr, Rio Vista, TX 76093
4 beds · 2 baths · 1,467 sqft
Located in a friendly neighborhood on a quiet cul-de-sac street, this spacious home consists of two lots that provide plenty of room for comfortable living. This home features 4 bedroom and 2 bathrooms. The garage conversion adds an additional 315 square feet of living space, bringing the total square footage to approximately 1782. Currently the converted space is being used as a 4th bedroom or it can be a game room, office, or additional space you need to meet your current needs. The Galley kitchen is bright and white with granite countertops, pantry, an oversized island, and casual dining bar seating. There is an appointed dining room perfect for family dinners. You can find an accessible laundry area and a separate expanded storage-mudroom off the kitchen provides convenience and functionality. The primary bedroom is spacious along with a bathroom which boasts an elevated walk-in shower and closet. The secondary bedrooms are perfectly sized while the hall bathroom offers a shower & bathtub combination. Outside, is an awesome oversized outdoor patio ideal for entertaining or enjoying morning coffee, with a yard that allows for endless possibilities. The property also includes a 30x30 shop with electric power for 30 amp volts, as well as covered RV parking for added convenience. Parking is no a problem at this property, with 2 designated driveways. Don't miss out on this fantastic home with plenty of potential!
Source: NTREIS #20785765
Source: NTREIS #20785765
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.