712 S Laurel St, Royal Oak, MI 48067
3 beds · 3 baths · 1,535 sqft
Get a free consultation call with an expert in the mortgage assumption process.
OPEN HOUSES 4/12 AND 4/13 ARE CANCELLED. OFFER ACCEPTED Charming 3-Bed, 2-Bath Home with Modern Upgrades and Timeless Character in Royal Oak Welcome to this beautifully renovated 3-bedroom, 2-bath home in the heart of Royal Oak, MI! With an open floor plan that seamlessly blends modern updates with the home's original character. The rich hardwood floors throughout create warmth and elegance, while large, newer windows bathe each room in natural light. The secluded primary suite offers a peaceful retreat with ample space and privacy. The main living area flows effortlessly, perfect for entertaining or quiet nights in. The basement is a blank canvas, ready for you to create your dream man cave, game room, or home gym. Outside, you'll find a spacious driveway and an impressive aggregate patio for your outdoor gatherings. Plus, a detached garage that comes complete with a unique chicken coop — a true bonus for any hobbyist or urban farmer! Located just minutes from downtown Royal Oak and Woodward Avenue, this home provides the perfect balance of a serene living space and proximity to shopping, dining, and entertainment. Don't miss out on this one-of-a-kind home that offers the best of both worlds — character, charm, and modern upgrades in an unbeatable location! All information deemed reliable but not guaranteed. Buyer to verify all information.
Source: REALCOMP #20250023149
All values shown are estimated costs / mo.
Source: Public records
Source: REALCOMP #20250023149
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.
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.
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.
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.
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 “Save search” 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.
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 620, 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.