5167 Cloverland Way, Wilmington, NC 28412
3 beds · 3 baths · 2,346 sqft
Move right in, and begin enjoying your coastal life in the perfect midtown location! This 3 bedroom / 3 full bathroom home is so gorgeous, you might think this is a model home! As you enter, you will find the first bedroom, with access to the full bathroom. It is the perfect guest room, but also makes an excellent home office! Continuing down the entry way, you will find the upgraded trim package throughout, fireplace with built in bookcases and the amazing kitchen! The granite topped island is enormous, with enough space to seat four or five people. You'll enjoy the stainless steel appliances and cooking on your gas range! Next you'll find the spacious primary suite with dual sinks in the bathroom, tiled shower and large walk-in closet. As you travel up the wood treaded stairs, you'll find another large bedroom with full bathroom, as well as bonus / flex space that is perfect for a media room, teen hang out, craft room or more! Don't miss the storage space with added shelving for your holiday or storage needs! The backyard is fully fenced, includes a covered patio that is perfect for your family or entertaining! There is an extended patio, as well as low maintenance pebble beds ready for spring planting! The neighborhood also offers a community pool! Johnson Farms is just minutes from Carolina Beach, Cameron Art Museum, movies and restaurants at The Pointe and downtown, the hospital, UNCW and much more! Don't miss this home, it will go fast!
Source: NORTHCAROLINAREGIONAL #100494011
Financials
Source: Public records
Source: NORTHCAROLINAREGIONAL #100494011
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.