940 Highway 98 E # 44, Destin, FL 32541
2 beds · 3 baths · 1,191 sqft
Wow! Unique opportunity to own one of the rarely available lakefront units at Southbay by the Gulf. This beautiful 2-bedroom, 2.5-bath home offers breathtaking lake views from two spacious balconies. Both bedrooms have en-suite baths and are located on the first floor for added convenience. The second floor showcases an expansive living and dining area along with a full kitchen - all tastefully furnished and rental ready. This updated condo is also equipped with an upstairs half bath, washer/dryer space, and a secluded office nook, making it ideal for relaxation, comfort, and even productivity. There is a designated parking space right outside the front door in addition to overflow parking. As part of the Southbay community, owners and renters can enjoy a myriad of recreational activities, including lighted tennis courts, shuffleboard, fishing, and community BBQ grills. Plus, there are two full-size pools both with kiddie pools beside them. The main highlight is Southbay's 300 feet of private deeded white sand beach access, just a short stroll across the gorgeous lake bridge. Whether you're looking to stay active or unwind by the water, this community offers something for everyone to enjoy. Located close to many retail shops, dining options, and attractions such as Big Kahuna's Water & Adventure Park, this spot offers the best of everything. It's an awesome investment opportunity with rental projections of up to $41,200. Additionally, there is a VA assumable loan opportunity with a balance of $200k at an impressive 2.45% interest rate. Don't miss your chance to own this exceptional property that combines luxury living with the beauty of lakefront views by the beach!
Source: EMERALDCOAST #963757
Financials
Source: Public records
Source: EMERALDCOAST #963757
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.