518 SARATOGA DR, San Antonio, TX 78213
VA ASSUMABLE LOAN! KILLER LOCATION at 410 and 10! The Dellview neighborhood sits in a great area with transit times like: 12 min. to the Alamo and Riverwalk, 13 min. to the Rim and La Cantera for shopping and entertainment, 10 min. to the Medical Center, 8 min. to USAA...and La Fogata (one of San Antonio's oldest and best restaurants) is just 4 mins. away! The entry includes a delightful sitting room and the two secondary bedrooms are in the front original section of the home as well as a full size bath with tub and shower. Delightful hints of the home's history are obvious when you see the wood floors and built in telephone nook in the hall way. Recent renovations include an open concept addition that boasts a high ceiling with beams, an ample living area, dining area, a bar and centering the room is a striking custom tiled TX star in the floor! Primary features of the property that have been updated in the last few years include: new AC unit 10/21, new hot water heater 8/21, plumbing and electrical upgrades 8/21 and 11/21, new light fixtures and ceiling fans 3/22. On the back of the house you will find an extra large covered patio area that makes for a delightful spot to be outdoors anytime whether you are having morning coffee, a lunch break, maybe grilling for dinner and/or hosting parites on the wekend with family and friends. The back yard has two sides with wooden fencing and the third is chain link, providing a good deal of privacy for you and your family. Topping off this great property is an attached one car garage, with laundry space, and a two car carport. Sellers offering Buyers $1,500 at Closing for renovation/upgrades.
You may be able to put down less than the total down payment amount of $57,708 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #1774351