5915 OTIS DR, New Port Richey, FL 34652
Beautiful 2 bedroom, 2 bath, 1 car garage home in the desired neighborhood of Colonial Hills. This spacious home has already been stylishly updated for you. The newer eat-in kitchen offers cherry wood cabinetry and alluring granite counter tops, tiled backsplash, recessed lighting, under-mounted sink, nickel fixtures, stainless steel appliances, and breakfast bar overlooking the family room with glass sliding doors leading to an enclosed. Upon arrival to the home you will notice the home has recently been painted elegantly and offers plenty of parking with a turn around driveway and nice landlscaping. Enter through the enclosed screened in front porch with mosaic tile and picture yourself sitting there every morning enjoying your morning coffee. Upon entering the foyer of the front home your eyes will guide you to the left as you notice the large living/dining room combination with additional glass sliding doors leading to the rear enclosed porch. Wood laminate flooring covers the majority of the home excluding title in the bathrooms. To the right of the foyer will lead you to an updated bathroom located near the 2nd bedroom. Beyond that you will arrive at the primary en-suite which offers a walk-in closet, updated bathroom with walk-in shower. Unwind in the evening on your back enclosed porch overlooking your private backyard. Colonial Hills Subdivision is a peaceful community with NO HOA FEES & NO FLOOD INSURANCE REQUIRED and conveniently located close proximity to shopping, restaurants, schools, and beaches. Some additional features to this home are: intercom music system, newer garage door and side garage door, garage screen, roof 2010, privacy fencing, sprinkler system, and much more!
You may be able to put down less than the total down payment amount of $39,608 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: #tb8301044