6004 Hilltop Ln E, Lakeland, FL 33809
3 beds · 1 baths · 1,150 sqft
Seller is ready to make a deal—don’t miss this incredible opportunity! This charming bungalow in Lakeland not only boasts a prime location in a quiet neighborhood, but it also qualifies for the Polk SHIP Down Payment Assistance Program, offering up to $30,000 for your down payment and $8,000 toward closing costs. Funds are still available as of November 1st, 2024, so act quickly! This 3-bedroom, 1-bathroom home features a large galley-style kitchen with solid wood cabinets, stainless steel appliances, and plenty of counter space—perfect for whipping up family meals. The huge fenced-in backyard offers ultimate privacy, plus fruit trees for your enjoyment. The seller’s current mortgage is assumable at an amazing rate of 2.75%, making this an even more incredible deal! Recent updates include a brand-new central AC installed in August 2024, a cleaned-out septic system (May 2024), and a roof that's just 12 years old, offering peace of mind for years to come. This is the perfect starter home, and the seller is eager to help make it yours. Schedule your showing today and take the first step toward homeownership before this opportunity is gone!
Source: STELLAR #T3548311
Financials
Source: Public records
Source: STELLAR #T3548311
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.