5520 Advancing Ave, Raleigh, NC 27616
3 beds · 3 baths · 2,162 sqft
Welcome to 5520 Advancing Ave in the sought-after 5401 North community in Raleigh. This beautifully maintained home offers a functional layout, modern features, and an assumable 2.75% FHA loan—an incredible opportunity for qualified buyers to save on interest rates. The first-floor primary suite provides privacy and convenience, while the open floor plan is designed for both comfort and entertaining. The chef's kitchen features custom cabinetry, a double oven, a gas stove, and a pantry, flowing seamlessly into the living area with a gas fireplace and modern lighting. A dedicated mudroom adds extra storage and organization. Upstairs, two additional bedrooms share a Jack and Jill bathroom, along with a spacious loft area that can be used as a home office, media room, or flex space. Outdoor living is just as impressive, with a screened porch for relaxing and an outdoor kitchen for entertaining. The two-car garage provides ample storage. 5401 North is a highly walkable community with top-tier amenities, including a resort-style pool, clubhouse, fitness center, dog park, community garden, walking and biking trails, and outdoor fitness areas. Enjoy the convenience of a coffee shop, brewery, dog spa, bank, schools and more, all just steps away. With easy access to Wake Tech Community College and 540 this home offers the perfect blend of comfort and convenience. Epoxy flooring offers durability, easy maintenance, and a sleek, modern finish. It's resistant to stains, scratches, and daily wear, making it ideal for high-traffic areas. Plus, it can be customized or refinished to fit any style preference. Nail pops can be repaired without replacing the entire floor, ensuring long-lasting durability and aesthetics. See attached docs for more details. Don't miss out! Schedule your private tour today.
Source: TRIANGLEMLS #10078688
Financials
Source: Public records
Source: TRIANGLEMLS #10078688
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.