613 Sea Oats Dr, Destin, FL 32541
3 beds · 2 baths · 1,917 sqft
New 2024 roof, newly painted, and updated in the Heart of Destin, Minutes from the Harbor, Gulf, and Crab Island. This well-landscaped property features a spacious patio, a large outside bench shower, a 2-car carport, an 8-vehicle driveway, and a custom-built chicken coop for fresh eggs weekly. Sidewalks provide a safe and relaxing commute through the neighborhood, offering easy access to local restaurants, parks, and Crab Island. As you enter the home, a large office is to the left, which can easily be transformed into an additional room by adding an armoire. Continuing to the right, you will find a new vanity and a renovated shower with colors that complement the beautiful emerald green water the area is known for. The master and two other bedrooms feature new luxury vinyl plank (LVP) flooring, which extends into the first living area, dining room, and kitchen. A sliding glass door leads from the kitchen to the spa patio. The kitchen is equipped with finished butcher block countertops, a farmhouse sink, and a new faucet. Communication between the kitchen and the second living area, which features a fireplace, is facilitated by a well-placed service window. This living area grants access to a large outdoor patio and a storage closet spacious enough to fit decorations for every holiday. Additionally, there is an attached storage area accessible from the back side yard. "Home sweet home" perfectly describes this house, designed to enhance both recovery and entertainment.
Source: EMERALDCOAST #956019
Financials
Source: Public records
Source: EMERALDCOAST #956019
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.