6055 Transylvania Ave, Jacksonville, FL 32210
3 beds · 2 baths · 1,122 sqft
Assume this home's low 3.5% mortgage, save an estimated $120,000 over the life of the loan and close within 45 days when you work with Roam. Zero down mortgage options also available. Ask agent for details. Great value on the Westside - this 4-bedroom 2-bath home has separate living and dining rooms plus an enclosed front porch that can serve as a home office. The kitchen includes range, refrigerator, dishwasher, microwave & tile backsplash. HUGE primary suite with updated bath. Privacy fenced back yard with room for RV/boat parking and circular driveway. Near NAS JAX, quick commute to downtown Jacksonville or Orange Park, near shopping/dining/entertainment. Major updates made in 2017 - roof, septic tank, air conditioning, kitchen and baths remodeled. INVESTORS - this works as A 1% RULE rental with HUD voucher rate at $2,197/month in this zip code. Sorry, no owner financing or subject to offers considered
Source: REALMLS #2041536
Source: REALMLS #2041536
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%. 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.
Other resourcesWhat 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.
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