7649 River Rd, Milton, FL 32583
3 beds · 3 baths · 1,248 sqft
ASSUMABLE 2.75% mortgage on this extraordinary 1.87-acre waterfront peninsula. It is beautifully situated on the only island in Milton: Paradise Island. Complete with its own sandbar and 3 sided waterfront, you can enjoy more than 500’ of frontage. The ideal spot to travel by bass boat or kayak to the Blackwater River or Annie’s Basin via the natural, spring fed Marshall Lake. Stop to fish, swim, kayak, canoe or explore Marshall Lake! This home, on stilts and secured on a concrete slab, has plenty of wrap-around, covered outdoor living, illuminated with LED lighting. To the rear is an expansive area currently set up as an outdoor entertainment area to watch a movie, relax and enjoy a cold beverage (fridge conveys)! Downstairs, there is a garage, currently used as a gym and storage area that provides endless potential, a separate shop to the rear with tons of shelving and workspace, and a half bath in between. Metal roof-covered stairs and a 1,500 lb capacity elevator lead up to the indoor living area of the home, which has custom dark oak kitchen cabinets, custom features, a Florida with room with built in hot tub and much more. There are three outbuildings; the first is a detached living space/guest house currently being used as an air-conditioned 3rd bedroom. This custom elevated structure, built by Elite Portable Buildings, is certified to Florida Wind Code and inspected by Top Line Engineering, LLC in 2021. This structure is fully insulated with top-of-the-line spray foam insulation, custom flooring, beadboard wall coverings, a custom loft with joist support, a wood slat ceiling and skylight. The second is a covered Class A RV pad with extra thick poured concrete slab, complete with 30 amp service and a sceptic hook up/dump station. The third is a large, elevated metal building on flotation foam with anchor- point system. You owe it to yourself to own this waterfront sanctuary and with a low interest rate, assumable mortgage, we can make it happen!
Source: PENSACOLA #660574
Learn about how it works
Why Roam
Gap financing to lower your down payment
Unlock down payments as low as 5% – only with Roam
5x the likelihood your offer is accepted
If a purchase takes longer than 45 days, we’ll cover the seller’s mortgage until you close
Close faster and stress-free
We close 2x faster because of our deep experience and lender relationships
Rates and payments are estimates based on public records.
Source: Public records
All values shown are estimated costs / mo.
Source: Public records
Source: PENSACOLA #660574
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.