585 AMBER LN, Cocoa, FL 32926
Great space for multi-generational living or live upstairs and use 1st level as AIRBNB - Tucked away in a little fishing village off of Lake Poinsett with access to the St John's River, you will find this amazing custom built Key West style home. Water features - launch your canoe from your back yard and paddle to the lake or launch your boat from the community boat launch ramp. Built in '04, this 2 story home has a total of 4716 SF with 3254 SF under air. Enter the home through the double doors walking into the foyer which grants access to the upstairs living area, the hydraulic powered elevator and the ground floor family room / entertainment area that includes a full bathroom, a sauna and french doors leading onto the screened in lanai / pool area. The entertainment room also includes access to the rear covered patio and the oversized 3 car garage with ceilings high enough for your RV or boat. The upstairs living area has an open concept living room, dining room and gas fireplace, plus multiple sets of French doors that lead into the enclosed patio which faces S. The kitchen includes stainless steel appliances, 42 inch maple cabinets and corian counter tops with a semi open view to the LR, DR and Florida room. On the second level you will also find the primary en-suite which faces SW and includes a walk-in closet, and access to the enclosed patio plus 2 additional full bedrooms on the east side of the house and a 4th bedroom / study that faces north. Exterior features include a screened in pool with a rock waterfall, an outdoor kitchen, a covered sitting area and large deck for entertaining, a rear covered main level patio, and a second floor catwalk style open deck / balcony facing both east and north where you can enjoy the amazing eastern sunrise views and summer sunset views Additional features include a rain cistern, dual heat and air systems, central vac, RV height door / ceiling in garage. Community amenities include a boat launch ramp just across the street from the home which provides full access to Lake Poinsett which is the second largest lake in Brevard County
You may be able to put down less than the total down payment amount of $118,875 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: #1015735
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.