6628 1st St N, Saint Petersburg, FL 33702
7 beds · 5 baths · 6,123 sqft
This is a fully renovated property that is a must see to be appreciated. The lakefront home is located in the heart of St Pete and has over 6000 sq ft of living space, 8 car garage, a newer roof, upgraded low-e windows, intricate wood flooring, newer AC systems an ELEVATOR as well as 3 fully self contained mother-in-law units. This is the perfect home for a family to live in or someone that wanted to use it as an investment opportunity. On the lower level you have 2 large mother-in-law units with open concept chefs kitchens, one with an island which leads you through to the large living space and then the large bedroom with lake views. There are 8 spaces for your vehicles on the first level where the owner has converted 2 of them for a gym as well as 3 extra rooms that are used for storage. There is an elevator to gain access upstairs or you can use the very wide private staircase. The 2nd level of the home boasts the main living area with a large kitchen with stainless steel appliances, granite counter tops and opens up to the breakfast nook and formal dining room. The split floorplan gives the large master bedroom a lot of privacy where you can enjoy the lakefront views or relax in the large bathroom with walk in shower. There are 2 more bedrooms in this main area as well as a large great room with high, vaulted ceilings. Also on the second level there is another large rental unit with a full bedroom, bath, kitchen and living area which also has its own private entry way. This home is something that needs to be toured to be fully appreciated.
Source: STELLAR #p4929577
Interest rate and monthly payment estimated based on public records.
Source: STELLAR #p4929577
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.
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.
MLS ID: #p4929577
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