7920 Reeders Ln, Pensacola, FL 32526
3 beds · 1 baths · 1,378 sqft sqft
Do not miss out on this amazing ranch style home with acreage, and your own separate shop in the back. You will be blown away by the space and how well designed this property is. First you will find an oversized carport with plenty of space for multiple big cars and trucks, and an oversized drive that has 4 inch thick concrete poured. You will then enter the home and see original hardwood floors with new painted walls. Down the hall you will find your newly finished bathroom, with 3 spacious bedrooms at the back of the house. In the kitchen you will find your own refrigerator and newly updated counters, cabinets, and painting. From the kitchen you will step down into the converted garage and extra racks for storage and your own AC window unit. Outback you will find your own screened in back porch for those great afternoon evenings or early morning coffee sits. Outside you will find almost half an acre with your own double gated access to the back where you will find a full enclosed shop with ac, 220 hook ups, outlets, lights, insualtion. It will be up to you if you would like to put sheetrock, ship lap, or wood up to finish it out. Concrete pad infront of the shop makes for even more extra parking. Do not miss out on this amazing property.
Source: PENSACOLA #654715
Interest rate and monthly payment estimated based on public records.
Source: PENSACOLA #654715
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: #654715
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.