5490 Morgan Rd, Lakeland, FL 33810
3 beds · 2 baths · 1,647 sqft
Short Sale. NO HOA!! SHORT SALE!!!! Experience the epitome of rural tranquility with this ready-to-move-in, 3-bedroom, 2-bathroom home from Homes of Merit, built in 2003. The expansive living room welcomes you with its soaring cathedral ceilings and abundant natural light, creating an ideal environment for hosting gatherings. It seamlessly transitions into a generously-sized kitchen equipped with a full range of appliances, an island bar for casual dining and additional flexible space suitable for a home office or hobby area. The thoughtful split floor plan ensures privacy while providing ample room in all bedrooms and bathrooms. The master suite boasts a walk-in closet and an ensuite bathroom featuring dual sinks, separate shower stall and a luxurious garden tub. Outdoor amenities are plentiful - enjoy the large screened porch accessible from the kitchen that's perfect for alfresco entertaining. Additional covered porches at both front and rear provide more outdoor living options. Two workshops cater to your needs - one fully electrified for work projects while the other serves as extra storage space. The property also includes an attached single carport along with a detached double carport ideal for storing boats or recreational vehicles. A durable metal roof tops off this charming home which sits on nearly half-acre fully fenced lot nestled at the end of a quiet cul-de-sac. Despite its serene country setting, it is conveniently located close to shopping centers, schools and major transport routes. Don't miss out on this opportunity - schedule your viewing today!
Source: STELLAR #P4928780
Financials
Source: Public records
Source: STELLAR #P4928780
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.