7197 Farmers Rd, Pensacola, FL 32526
3 beds · 2 baths · 1,639 sqft
Get a free consultation call with an expert in the mortgage assumption process.
Discover this beautiful meticulously maintained 3/2 1,639 SQFT home that is attractively priced below its appraised value. Don't miss out on the chance to own this gem at a competitive price. This home has exceptional curb appeal. As you enter, you'll be welcomed with fresh paint throughout, a stunning decorative wood feature wall in the dining area that exudes warmth and style. The main living spaces are adorned with elegant tile flooring, offering both style and practicality. At the heart of the home, the kitchen showcases a sleek black deep sink, an exquisite backsplash and granite countertops. A gas stove has been installed for the culinary enthusiasts and enhances the cooking experience, while the charming barn door adds a unique focal point. The spacious primary bedroom includes a huge walk-in closet. The primary bathroom has been tastefully renovated with a luxurious fully tiled shower from ceiling to floor, along with elegant glass and added cabinets for storage. The additional bedrooms are spacious with large closets and can be used for a guest room for family, a child’s room, office/study. There is a guest bathroom that is conveniently located near the additional rooms. The exterior of the house has been freshly painted, and the fence has been treated to ensure longevity, maintaining the property’s appeal for years to come. Step outside to the porches, both expertly stained to create welcoming outdoor retreats. This home also features custom wood shutters on the exterior, the back porch is screened in to enjoy your morning coffee or evening dinners. The garage features an epoxied floor, enhancing its functionality, the attic has plenty of storage. You get a Tough yard building in the backyard for all your lawn equipment, beach toys or holiday decorations. The extended driveway enhances accessibility for visitors and family while visiting. This home is a true gem with several upgrades. All furniture stays with a full price offer except a few items.
Source: PENSACOLA #662785
All values shown are estimated costs / mo.
Source: Public records
Source: PENSACOLA #662785
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 and Equal Opportunity Act.