5390 Whiporwill Dr, Gainesville, GA 30504
4 beds · 4 baths · 2,561 sqft
Location. Privacy. Quality. Completely updated. Lake views. And all of this on the shores of a deep water cove with an oversized party dock thatCOs a 5 minute boat ride to Port Royale and Pelican PeteCOs! Situated in vacation-rental-friendly Hall County (just barely over the Forsyth County line), and located almost dead-center on the shore of Lake Lanier, everything seems closerCa whether thats dinner in downtown Gainesville in one direction or a quick trip to Costco in the other direction. This cozy home can be a private get-away, an income producing short-term rental, or both! This home is gorgeous. The cozy livable and flowing interior space is completely maximized to be used as a 4 bedroom 4 full bath home OR as a home with 2 primary suites (one on the main level, and the other one taking up the entire second level) along with a guest bedroom. How the home is oriented on the lake (and in the cove) affords year-round water views, peace, serenity, and privacy. The open floor plan and expansive outdoor entertaining areas make it ideal for either entertaining OR private get-aways. Outside, enjoy lake views from either the large main level deck or terrace-level patio, or even take-in forest/tree views from the relaxing rocker-chair front porch. Inside, lake views are seen from the living room or the main bedroom via a gorgeous wall-of-windows. You can even enjoy lake views from the Cylake roomCO, a terrace level utility room with a full bathroom, washer/dryer space, and tons of shelves for storage all specifically designed to transition from the outdoor pace to the indoor space. Two steps down the terrace level hallway and youCOre in the bar and billiards area where everyone can relax, watch a ballgame in the TV room and unwind from a hot day out on the lake. Torn-down to the studs and completely remodeled and rebuilt, this home exudes all-around quality craftsmanship. What you donCOt see is arguably more impressive than what you do seeCathis home was built-right, from the inside-out. Be sure to see the mechanicals room, where a workshopCocomplete with under-lit cabinetsCowas added to meet most needs of the handy person or crafter. Also be sure to review the separate document describing all of the SIGNIFICANT upgrades to equipment and systems as well as general remodel details. With BRAND NEW quality throughout and within, this home was refinished using luxury products and materials. To highlight a few: quartz counters, GE CAFE appliances, LED in-cabinet/under-cabinet/kick-lighting, glass-paneled cabinets, Delta fixtures, marble and travertine baths with wood ceilings, wood accents, frameless glass bath closures, premium NuCore oversized 8CO LVP noise-deadening and waterproof LVP flooring, temp-selectable LED recessed lighting and fan pre-wiring in every room, a significantly upgraded electrical package (now 400 amps) that includes pre-wiring for whole house automation/security/sound/cameras as well as automated power switchover (to allow for the addition of a whole home back-up generator), outdoor electrical sub-panels to expand use for EV charging, a spa, and landscape lighting, a 3-zone variable speed HVAC system with wifi control, 4C filters, and UV irradiation lights to kill airborne bacteria and viruses, all new plumbing including a new PEX line from the well to the home (along with six outdoor spigots), brand new propane gas service (owned) with oversized tank, a tankless gas water heater, premium insulation in EVERY wall (both interior and exterior) including an acoustic noise dampening system completely surrounding the main level primary suite, luxury main bedroom closet system, brand new solid core interior doors and vinyl windows, and on, and on, and on... Don't miss out on this shoreside Lake Lanier Gem!
Source: GAMLS #10463825
Financials
Source: Public records
Source: GAMLS #10463825
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.
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