107 N 12th St Erwin, NC 28339
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About this home
Welcome to the 4 bedroom, 3 full baths, 2 story home located in Erwin! Walk-in on luxury vinyl plank flooring to find a grand living room completely open to the dining area and kitchen. The kitchen is equipped with ample cabinetry for storage, plenty of counter space, and stainless-steel appliances. On the first floor there are two full bathrooms. The primary suite has a walk-in closet. The primary bathroom has a standalone shower with linen closet. Upstairs are 3 large bedrooms and a full bathroom. Each room will easily fit a queen bed or two twin beds. Step outside on the back or front porch and enjoy the morning breeze. The yard does extend beyond the garage at .24 acres! The detached garage is attached to framed rooms, full kitchen and bathroom (frame only) or could be used as a workshop. Finish it for potential income generation or extended living area. Freshly painted and professionally cleaned, this home is waiting for you! Close to shopping, dining, and plenty of authentic and vintage finds. The homeowners states that church is only in attendance on Friday's with approx 9 cars.
Source: TRIANGLEMLS #LP749832
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FAQs
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.
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.
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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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