5585 LONG SHORE LOOP, Sarasota, FL 34238
This stunning nearly new lakefront home is now on the market and ready for showings. Welcome to Sunrise Preserve, a new amenity-rich, maintenance-free and gated community located by Palmer Ranch! This three bedroom plus office home is well-appointed and hard not love at first sight. From the moment you walk into this clean, upgraded open concept plan you will notice all the smart spaces and abundant upgrades. The great room overlooks the pool and ties in seamlessly with the kitchen. You will notice wood-look tile throughout the house as well as abundant can overhead lighting. The kitchen features quartz countertops, glass-tile backsplash, a suite of stainless steel appliances and overhead vent for the gas range. The primary suite is spacious and private- offering plantation shutters overlooking a scenic view, a massive walk-in closet, and opulent spa-like bathroom that features dual vanities and an oversized shower with dual heads! The guest bedrooms each have a dedicated and well-designed bathroom and there a dedicated office space to round out all the spaces. In 2021, a new luxurious saltwater pool was added to this property and it features a spa with gas heat, travertine decking, clear-view screen cage, lighted fountain bowls, and sun shelf with loungers for enjoying your perfect oasis. All of this is set on a great lot with water view and trees behind it for a great private view! The three car garage includes abundant storage as well as electric car charging built-in. Living in Sunrise Preserve is a dream- the landscaping is included in your HOA fees, and the amenities are fantastic. Whether you enjoy relaxing by the resort-style pool, meeting friends for pickleball, tennis or bocce- you will certainly love the lifestyle this upscale community offers. Add in a great school district, convenient location to shopping and Gulf Beaches and you’ll want to schedule your private showing today!
You may be able to put down less than the total down payment amount of $588,980 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: #a4622266
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.