514 Preston Dr, Pottsboro, TX 75076
4 beds · 4 baths · 2,631 sqft
Welcome to this one-of-a-kind home at 514 Preston Dr, Pottsboro, TX, offering both comfort and functionality in a beautiful setting. This spacious 4-bedroom, 3.5-bathroom home features 2631 sq ft of living space plus an additional finished media room of 672 sq ft, perfect for families looking for room to grow. The property sits on a generous 1-acre lot, providing ample outdoor space for relaxation and recreation. Enjoy the convenience of an automatic irrigation system and an 8-foot privacy fence with solar lights, creating a peaceful and secure environment. Inside, the home offers a thoughtfully designed layout, including two en suites for added privacy and a Jack-and-Jill bathroom connecting two of the bedrooms. The updated laundry room adds modern convenience. The master bedroom features a large walk-in closet, and the living area boasts a cozy gas fireplace, perfect for family gatherings. For those with hobbies or needing extra storage, the detached two-car garage is complemented by a massive 4,066 sq ft workshop. The workshop is equipped with water access, an overhead door, providing endless possibilities for work or play. Additional updates include a newer AC unit, ensuring year-round comfort. Outside, the property offers plenty of space for parking recreational vehicles, including an RV or boat, and is just minutes from Lake Texoma, local schools, and amenities like the new Brookshire’s grocery store. This property combines comfort, functionality, and a prime location, making it the perfect place to call home. Information Deemed Reliable But Not Guaranteed
Source: NTREIS #20880778
Financials
Source: NTREIS #20880778
Source: Public records
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%. 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.
Other resourcesWhat 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.