5218 PARHAM PL SW, Lilburn, GA 30047
Discover the perfect blend of luxury and functionality in this rare 3-bedroom, 3.5 bathroom custom ranch home on a basement. Ideally situated on a corner lot in a quiet cul-de-sac within a serene subdivision. Located in the coveted Park View High School district, this four-sided brick home is designed with all the right touches to create a comfortable and elegant living experience. The spacious main level opens to high ceilings and hardwood floors throughout. As you enter the home you are greeted with an open floor plan, formal dining room, family room and kitchen with solid wood cabinets beautiful finishes. The main level has ample space for relaxation and entertainment. Enter the private deck from the family room to enjoy your private oasis. The backyard offers a peaceful retreat, ideal for relaxing or hosting gatherings with family and friends. Fall in love with this primary bedroom is large with a separate tub and shower and two walk in closets. Laundry room is also on the primary level convenient to the primary bedroom. The expansive basement provides endless possibilities with ample space for living, entertainment, and storage. It includes a fireplace, finished full bath and is prepped with the connections to complete your kitchen. This space is perfect for creating an in-law suite or hosting guests. The property also features a large driveway with access to both the front and rear of the home, offering plenty of parking and easy entry. 2 car garage with side entry. This home is a MUST SEE. Don't miss your opportunity to own a piece of luxury in a community known for its schools, parks and convenience.
You may be able to put down less than the total down payment amount of $239,734 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: #10364021