5820 Shady Grove Rd, Cumming, GA 30041
3 beds · 3 baths · 2,000 sqft sqft
This home is a complete WIN! Phenomenal Cumming/Lake location with tons of upside. Surrounded by multi-million dollar lakefront homes provides not only a beautiful view for a stroll but also a rare opportunity to own a piece of the lifestyle without the price. Private pool and pool house include a bedroom and bath. Dual driveways attach to a 2 car garage on one side and a storage hanger great for boat or RV storage or convert to your very own workshop/gym. One level living at it's finest with updated features like hardwoods throughout, cozy fireside living room with gorgeous vaulted ceilings, fantastic closets in every room and stellar enclosed sunroom with separate HVAC system perfect for relaxing an entertaining. Spacious three beds and two baths in main house with a huge oversized owner's suite, double vanity and separate shower and soaking tub. Mudroom is generous pantry and laundry right off kitchen and garage perfect drop zone. At just under 3/4 of an acre this property has so much to offer in such wonderfully convenient location. Top ranked schools, 1 mile to public Lake Lanier boat ramp, easy to GA 400, N. GA outlets and tons of shops and restaurants nearby.
Source: FMLS #7474134
Interest rate and monthly payment estimated based on public records.
Source: FMLS #7474134
Source: Public records
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
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.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
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.
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: #7474134