628 Lake Cove Dr, Little Elm, TX 75068
4 beds · 2 baths · sqft
True Lakeside living in this pristine one story, upgraded dream home! Unlike any other home here, steps from the Lake and backed to Corps of Engineer property including neighborhood trail for your enjoyment. This property can boast your dream of water and trees for peaceful living all within a master planned community with countless amenities. Perfectly situated to bring you the best of both worlds with lake access outside your back gate or choose peaceful patio time under your covered patio. Incredibly cared for home welcomes you with extensive stone front exterior and neutral colors inside. Enjoy wood look tile flooring that flows to huge family room with the most beautiful beam ceiling and opening to chef’s kitchen. All you can expect with stainless appliances and guartz countertops. Oversized, relaxing master bedroom with incredibly large walk in shower and quartz countertops. Office, large split bedrooms, 2 and a half car garage, and nice size back yard included Tuff Shed round it out. More than you can imagine!
Source: NTREIS #20863490
Financials
Source: NTREIS #20863490
Source: Public records
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.