718 Newbury St, Summerville, SC 29486
4 beds · 4 baths · sqft
Nestled on a prime cul-de-sac lot along a stunning 350-acre lake system in Cane Bay's coveted Waterside subsection, this 4-bedroom, 3.5-bathroom home offers over 3,387 sqft of luxurious living space. The expansive front porch and long driveway welcome you, with the exterior showcasing durable cement plank siding.Inside, laminate wood floors and a spacious layout await. To your right, an inviting office is perfect for working from home, while the formal dining room on the left connects to the gourmet kitchen through a convenient pantry passage. The kitchen is a chef's dream, boasting a massive island with quartz countertops, ample cabinetry and stainless steel appliances, including a gas range, vent hood, and refrigerator. Just off the kitchen, the sunroom providesa cozy spot for casual dining and opens to a screened porch and a sprawling concrete patio. Enjoy evenings outdoors in your fenced backyard, complete with panoramic lake views. Upstairs, one staircase leads to a generously-sized bonus room, ideal as a playroom, gym, media room, or potential 5th bedroom. The other staircase takes you to the serene primary suite, which features breathtaking lake views, a cozy gas fireplace, tray ceiling, and a spacious sitting area. The luxurious ensuite includes separate vanities, a corner soaking tub, a tiled shower, and a walk-in closet. Three additional guest bedrooms are also located upstairs, two of which share a convenient Jack-and-Jill bathroom, while the third has its own private bathroom. Completing the home is an extended two-car garage, perfect for additional storage or golf cart parking. With its unmatched lake views, thoughtful design, and exceptional location, this home offers a lifestyle of comfort and natural beauty in the heart of Cane Bay. Waterside also boasts a boat ramp, community pool, play park, miles of walking trails and more!
Source: CTAR #24027301
Interest rate and monthly payment estimated based on public records.
Source: CTAR #24027301
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: #24027301
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.