5400 Bates St, Seminole, FL 33772
6 beds · 4 baths · 3,965 sqft
Under contract-accepting backup offers. NO FLOODING OR DAMAGE FROM RECENT STORMS...FLOOD INSURANCE IS JUST $500/YEAR! Incredible potential to either rebuild this grand old Spanish-style residence or take advantage of development possibilities. A rare opportunity awaits with this one-of-a-kind residence in the highly coveted Seminole Estates/Oakhurst Shores area. Surrounded by stunning trees and lush foliage, this vintage home, just under 3,000 SF, offers immense potential for renovation to create your dream home. With two stories, a three-car garage, sitting on three lots, the possibilities are endless for transforming this property into your private estate. According to the Seller, this home DID NOT sustain damage from hurricanes Helene or Milton. Located in the Unincorporated area of Pinellas County, the lot offers incredible potential for development, with dimensions of 173.9'x160'; and zoned R-3. It may be divided into 3 buildable parcels (subject to buyer verification). Buyers should verify all zoning and permitting details with the Pinellas County Building Department. This home needs some love but stands proudly as a property well worth remodeling. Privacy and convenience is at the heart of this area. Located near Seminole City Center, residents enjoy access to a variety of dining options, golf courses, tennis courts, and scenic parks with walking trails. The Pinellas County Bike Trail is perfect for outdoor enthusiasts, while families appreciate the proximity to excellent schools. For those who travel, Tampa International Airport is just 20 miles away, making it a breeze to get anywhere you need to go.
Source: STELLAR #TB8330207
Source: STELLAR #TB8330207
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. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
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 “Save search” 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 620, 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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.