510 Sioux Cir, Fort Walton Beach, FL 32547
4 beds · 2 baths · 1,828 sqft
VA Assumption to VA Buyer - 4.6%. Welcome to 510 Sioux Circle, a lovely home in Fort Walton Beach, FL, located in the family-friendly neighborhood of Overbrook. Centrally located to both Hurlburt Field and Eglin AFB, this is an ideal location for Active Duty and DOD personnel. Fort Walton Beach is rich in activities and scenery such as public parks and recreation, emerald water beaches on Okaloosa Island and nightlife downtown. With many shopping and dining options nearby, there's something for everyone. This home features a spacious living area with new LVP flooring installed in 2023 and a cozy brick surround wood-burning fireplace. The back sliding glass door is hurricane-rated for added safety. The open concept design allows for plenty of natural light, complemented by the many recent renovations throughout. The kitchen is a highlight with bright quartz countertops, a mix of stainless steel and white appliances, a modern tile backsplash, and a kitchen island with storage. The primary bedroom offers double closets, while the bathroom includes a double vanity and a large tile walk-in shower with an oversized rain showerhead and a handheld showerhead. Additional features of this home include a new HVAC system installed in 2024, a hot water heater installed in 2022, PEX plumbing, and hurricane shutters. A whole-home Generac generator, serviced yearly with a battery replaced in 2023, ensures peace of mind. The walls and ceilings have been freshly painted, and the driveway was repaved in 2022.
Source: EMERALDCOAST #970363
Financials
Source: Public records
Source: EMERALDCOAST #970363
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.