8987 Madrid Cir, Naples, FL 34104
3 beds · 3 baths · 2,104 sqft
OVER $100k IN UPGRADES!!! SELLER HAS AN ASSUMABLE FHA LOAN WITH LOW INTEREST RATE. Your chance to own this newly constructed single-family home in the gated community of Fronterra. This property features 3 bed, 2.5 baths at nearly 1700 sqft of living space with concrete construction, tile roof and a brick paver driveway with one of the largest backyards in the entire community with lush tropical privacy landscaping. Heavily upgraded during construction and more additions over the years including: fully FENCED-IN PRIVACY BACKYARD, Impact Resistant Windows and Doors, Lanai Roof cover with gutters, Upgrades Landscaping Package, Built-In Bar with Wine Cooler & Floating Shelves, Mini-Split AC for Garage, Whole-Home Water Filter System, Reverse Osmosis, Built-In Master and guests Closets, LED Lights, Kasa Smart Switches, RING cameras, Outdoor Fire table, quartz countertops and more. This property is perfect for any pet lover looking for a fully enclosed backyard equip with an outdoor seating arrangement an outdoor TV & a dining table. Other features include: Stainless steel kitchen appliances, frameless glass shower enclosure, 10 foot ceilings, accent walls of ivy and corrugated steel, keyless entry, nest thermostat, USB Plugs, and more. Fronterra is a family and pet friendly community. Sidewalks on both sides of the street. Community is only a 15-minute drive to Olde Naples 5th Ave and the beach! Super low HOA fees at only $159 per month which includes the irrigation water and a resort style pool and cabana and security gate. Quick access to I-75 and Paradise Coast Sports Complex. No flood insurance required and low home insurance costs being a newer home!
Source: FORTMYERS #225013777
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Why Roam
Lower rates and lower down payments
The only homebuying option for you to put 5% down and get a 5% rate.
Closing guarantee
We can close in 45 days or we’ll pay the seller’s mortgage until we close.
Offer acceptance
95% of offers accepted when made with Roam. 5% accepted without.
Rates and payments are estimates based on public records.
Source: Public records
Source: FORTMYERS #225013777
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.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.