5913 Drayton St, Ravenel, SC 29470
2 beds · 1 baths · sqft sqft
PRICE IMPROVEMENT which puts it below current appraised value! If you're looking for a bit of privacy with NO HOA while remaining close to Charleston, this is the one! Discover your peaceful retreat in this renovated 2-bedroom cottage nestled on a private, wooded ONE ACRE lot in historic Ravenel. Surrounded by majestic magnolias, hickories, and towering oaks, this enchanting home offers the perfect blend of small-town charm and modern comforts.Inside, you'll find a thoughtfully designed interior featuring new flooring, windows (including triple pane bedroom windows), doors, light fixtures, and a new hot water system with city water. The updated kitchen boasts sleek, white cabinetry, modern granite countertops, and a window over the sink to view the lush greenery in the yard.A cozy den with a vaulted, beamed ceiling adds to the home's character. Relax and unwind on the inviting front porch or the charming back patio overlooking the serene, cleared land. Explore the property's winding palmetto-lined paths for a touch of nature. Plenty of room in the backyard for an in- ground pool, all of your outdoor toys, a garden, or even a horse! The large storage shed in the backyard will convey with the property. With no HOA, the possibilities are endless! This meticulously maintained home also includes an updated HVAC system, metal roof, updated plumbing and electrical, and reinforced ceiling beams for added peace of mind. With endless potential, this unique property offers the opportunity to expand or build new on the property. Enjoy a tranquil escape just minutes from Ravenel's convenient shopping district and HWY 17 for commuting, 15 minutes to West Ashley, 30 minutes to downtown Charleston, and 25 minutes to Edisto Beach.
Source: CTAR #24020412
Interest rate and monthly payment estimated based on public records.
Source: CTAR #24020412
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.
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.
MLS ID: #24020412
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.