705 S Magnolia St, Summerville, SC 29483
5 beds · 5 baths · sqft
Located in Historic Summerville, this one of a kind property is home to a successful bed and breakfast with tons of upgrades! Two completely separate residences reside on the private and professionally landscaped 1/2 acre lot. The 5 bed 4.5 bath roughly 4700 sq ft main home has 3 levels with an elevator and a separate presidential suite with its own separate access. Upon entry you are greeted with a beautiful foyer and staircase with a living room to the left with wood burning fireplace and dining room to the right. Straight ahead through the hallway you will find the primary suite to the left with full bathroom. To the right, past the elevator and half bath, you will find a gourmet kitchen with upgraded marble countertops, stainless steel appliances, double ovens, gas stove, huge island and plenty of storage. Past the eat in kitchen space is another living room area with a bar that leads to a screened patio. Downstairs is a large laundry/craft area with a sink and newer water heater. One door leads to an oversized 2 car garage, another leads to additional garage storage, an office/mancave, and the presidential suite which are both not included in the square footage but are heated/cooled. There are covered patios off of the office and suite with their own separate entrances. The top floor has new wood flooring, 2 bedrooms with full bathrooms, a supply closet, elevator, and library nook with a massive hidden storage space behind the bookshelf. The elevator was completely rebuilt 2 years ago, can fit 2 people, and services all three levels. The 4 bed 3.5 bath roughly 2000 sq ft separate cottage has 2 entrances with 2 covered patio areas and a lifetime metal roof. One is an apartment with a full kitchen, living room, dining room, laundry, 2 bedrooms and 1.5 baths. The other entrance has a set of stairs leading up to 2 separate bedrooms, each with full bathrooms. The fenced backyard is beautifully manicured, has a new pavilion with custom outdoor fireplace and can accommodate up to 80 guests for events. You can easily fit 15 cars in the parking lot not including the garage or ample on street parking, and an additional 100 guests can fit in this side lot with added tents. Upgrades include a new tankless water heater, HVAC air purification system, Pella windows, and more. There is truly too much to list. Schedule your private tour today and come see for yourself all that this exceptional property has to offer!
Source: CTAR #24024469
Interest rate and monthly payment estimated based on public records.
Source: CTAR #24024469
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: #24024469
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.