5957 SW 103RD LOOP, Ocala, FL 34476
Welcome to this charming 2-bedroom, 2-bathroom home in the sought-after 55+ community of Cherrywood Estates, located on the SW side of Ocala. Situated on a great corner lot, the home is surrounded by mature landscaping, adding to its curb appeal. The two bedroom, two bathroom abode offers a split floor plan, ensuring privacy and comfort. The spacious primary bedroom features an en suite bathroom with a walk-in shower and grab bars for added safety. It also boasts a generous walk-in closet for all your storage needs. The secondary bedroom is also large with dual built in closets. The laminate flooring throughout allows for easy upkeep. The kitchen is a chef’s dream, equipped with stainless steel appliances, ample cabinets and countertop space, pantry and dine-in area. There is also a formal dining space. The enclosed lanai provides a relaxing space to enjoy your morning coffee, while the backyard offers an entertainer’s paradise with a patio, deck, and fire pit, perfect for gatherings. The fenced-in yard is ideal for pets! Irrigation is on a separate well which allows for a lower water bill. HVAC 2019. ROOF 2020. WATER HEATER 2023. The two car garage is equipped with garage screens to keep you comfortable while you work on projects in the garage workshop. Spend time enjoying the wide array of activities and amenities within the community (Exercise Room, Card Room, Pool, Spa, Tennis Courts & more). The HOA fee includes amenities as well as cable, internet and trash removal. Conveniently located near shopping, dining, medical and the renowned World Equestrian Center. Don’t miss out on this amazing opportunity—schedule your showing today!
You may be able to put down less than the total down payment amount of $84,034 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: #om685733