589 Cook Dr, Ellenwood, GA 30294
7 beds · 7 baths · 6,820 sqft
Your chance to own one of Ellenwood’s Finest Homes in Ellenwood Village! This stunning, custom-built, three-level, four-sided brick estate sits on a spacious 1.042-acre corner lot with no HOA. With a NEW ROOF just installed, this home has been lovingly maintained by its original owner, and offers over 6,800 sq. ft. of luxury living, unique architectural features, high ceilings, and an elegant design. The main level boasts a massive owner’s suite, a true retreat with two sitting areas, a spa-like ensuit bathroom with soaking tub, separate shower, dual vanities, and a massive walk-in closet originally designed as a bedroom. Also on this level are two additional bedrooms with private baths, a powder room, a gourmet kitchen with stainless steel appliances, formal living and dining areas, a laundry room, main-level 3-car garage entry, and a large, screened porch for relaxing outdoors. The third level features two additional bedrooms, one of which can serve as a bonus room, along with a full bath. The fully finished terrace-level basement is designed for entertainment and guest accommodations. It includes a built-in bar with stools, two separate entertainment areas, a spacious multi-use room for food service or other needs, and a walk-out patio that is perfect for outdoor entertaining. This level also has two private bedrooms, two bathrooms, a flex room/office, and two oversized storage rooms. This home features two driveways, hardwood floors throughout, and a charming outdoor screened gazebo. Whether you're hosting guests or seeking a luxurious private retreat, this estate offers endless possibilities. Furnishings are negotiable. This is an approved estate sale and ready for closing. Great schools, parks, performing arts center, senior and county recreation center nearby. Home is being sold as-is. Schedule your private tour today! Appointment only 24-hour notice required. Licensee is related to owner.
Source: FMLS #7523976
Why Roam
Lower rates and lower down payments
The only homebuying option for you to put 5% down and get a 5% rate.
Closing guarantee
We can close in 45 days or we’ll pay the seller’s mortgage until we close.
Offer acceptance
95% of offers accepted when made with Roam. 5% accepted without.
Have questions? Email support@withroam.com
Source: Public records
Source: FMLS #7523976
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.