610 W Maine Ave, Southern Pines, NC 28387
4 beds · 3 baths · sqft sqft
***Sellers are offering to initiate the process of a VA Assumable loan to any VA Eligible Buyers: The current amount available is in the low $320,000 with an interest rate of 2.25%. The buyer will need to bring cash or additional financing for the remainder, up to the agreed upon purchase price. The current lender is PennyMac and they said the time frame is about 60-90 days. Sellers are willing to consider an early possession, with a lease, to give time for the loan assumption process to happen. *** Southern Pines dream home!! This absolutely meticulously maintained 2 story home is walking distance from downtown, quick access to US 1, close to shopping, entertainment, restaurants, parks, and so much more. Walk in to the beautiful living room with a fireplace, step into the dining area and enjoy the stunning kitchen with everything you can want and look at that large island. This is a wonderful space to relax and entertain, completely open concept. See everything thats going on from every space. There is a full bathroom on the main level as well as the first bedroom. Walk out on to the large back porch and enjoy the beautiful backyard and mature landscaping. There you will also find the 2 car detached garage and beyond that a large fenced in garden area. Upstairs you will find a great sized landing area, another full bathroom, 2 more large bedrooms, and last but certainly not least the incredible master bedroom with its out private en suite.
Source: NORTHCAROLINAREGIONAL #100442445
Interest rate and monthly payment estimated based on public records.
Source: NORTHCAROLINAREGIONAL #100442445
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.
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: #100442445