8324 NW 151st Ter, Edmond, OK 73013
3 beds · 3 baths · 2,021 sqft
MOTIVATED SELLER! In need of a true MIL/Guest quarters? This home has it covered! There is an office space that can be used as a 4th bedroom as well. From the moment you enter through the door you are wrapped in luxury! The expansive entry hall with soaring ceilings offers a beautiful room at every turn. To your right as you enter there is an entrance to the MIL quarters which is currently being used as a studio for the homeowners' business. The suite offers its own bed, bath and living area along with its own separate entrance to the home. The possibilities are endless as to what you could do with this space! As you continue on there is an office-flex room that could also be used as another bedroom off to the right. On the left is a hall with a large laundry, bathroom and secondary room. The living and kitchen are open and airy provides a warm cozy gathering space with a beautiful electric fireplace. The chef's kitchen has a gas stove, buffet area, butler's pantry/coffee bar and a large walk-in pantry. The primary suite is tucked away at the back of the property and offers a bath with a large walk-in shower that has double heads and a vanity area. There is a 6–8-person storm shelter in the garage to keep your family safe from the Oklahoma weather. Twin Silos neighborhood offers a pool, cabana, fitness center, clubhouse, walking trails, sports courts, playground and pond. Neighborhood is just one mile from the turnpike! THERE IS 200SQFT MOL THAT WAS ADDED AND NOT INCLUDED IN SQFT CURRENTLY BEING USED AS OFFICE SUITE.
Source: MLSOK #1154528
Source: MLSOK #1154528
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.
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.
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