540 FRANCIS BLVD, Lakeland, FL 33801
AMAZING LOCATION! This charming 3-bedroom, 1-bath home nestled on a large, corner lot within the HISTORIC Biltmore/Cumberland neighborhood. This home exudes a welcoming atmosphere, inviting you to make it your own. Step inside to discover the warmth of historical architecture and refinished Oak Hardwood floors that create a cozy and inviting living space. Extend your living space outdoors through the living room, glass door leading to a screened-in front porch overlooking your beautifully tree-lined front yard - perfect for sitting and relaxing or for entertaining guests. Several updates include NEWER kitchen countertops, White Shaker Cabinets, Stainless Steel Appliances, Elegant light fixtures, Double Pane windows, and Newer Bathroom Vanity & Lighting. Additionally, a NEWER ROOF, HVAC, & HOT WATER HEATER (All 2020) make it move-in ready! The extra storage space outside has wood flooring with electricity for your convenience and sits opposite of the extended driveway and carport. If you are looking for the perfect starter, retirement or investment property, look no further! Experience the simplicity and convenience of Biltmore/Cumberland living. The location is near to everything. Lake Hollingsworth, Lake Morton and Downtown Lakeland are all walking distance. Florida Southern College, Harrison Arts Center, Lakeland's Main Library, Cleveland Hts Golf Course, YMCA, Dog Park and most sport activities are just minutes away by walking or biking. Schedule your appointment to see this lovely home today!
You may be able to put down less than the total down payment amount of $59,077 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: #t3542651