534 CARIBBEAN DR, Lakeland, FL 33803
Discover waterfront living at its finest with this stunning home featuring a private gazebo right on the water. Start your mornings with a cup of coffee while taking in the serene views of the fountain and lake wildlife. If you need a break from the sun, retreat to the expansive screened lanai that overlooks the lake, offering a perfect spot for relaxation in the shade complete with tinted windows to keep it cool. The garage provides ample storage space for all your tools and more and a generator hook up. The kitchen boasts elegant stone countertops, a spacious pantry, and room for a formal dining table—ideal for family gatherings and holiday feasts. The vaulted ceilings create an open and airy ambiance throughout the home. The generously sized master bedroom easily accommodates a king-size bed without feeling cramped and features a luxurious ensuite with a jetted tub and a full-size walk-in shower. Located in the desirable community of Villas by The Lake, you'll have access to a range of amenities, including a community pool, fitness center, and a clubhouse with various activities. Conveniently close to medical offices, an urgent care clinic, shopping malls, including Lakeside Village Mall just minutes away, where you'll find shops, restaurants, and entertainment options. With easy access to the Polk Parkway, commuting is a breeze. Enjoy a stress-free lifestyle and take advantage of Florida's beautiful weather year-round. This community is not age-restricted, and the home has a new roof installed in 2017.
You may be able to put down less than the total down payment amount of $73,859 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: #l4947606