10829 SE 51st St Oklahoma City, OK 73150
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About this home
This lovely home is situated in a great neighborhood (no HOA) and sits on just over an acre of land. The lot has mature trees and a 30x32' workshop, with electricity. The workshop has a 2nd floor that could be finished out as a hobby room or office. The house is set up great for entertaining, with two living areas, two dining areas and one of the 4 bedrooms could be used as an office, if needed. The formal living room is set up with a pool table and the dining room is currently being used as a 2nd living area. The family room has built ins, a gas log fireplace and large windows allowing lots of natural light. The open floor plan allows full access between the living areas and the kitchen/eat-in space. You can continue your entertaining outside, with an open deck made of composite materials (~ 14x26') and large yard. The primary bedroom is set up on one side of the house with an ensuite bathroom that hosts a jetted tub and separate shower/double sink vanity and make-up area, along with large walk-in closet. Three secondary bedrooms and a hall bathroom are on the opposite side of the house. Custom oak cabinets are throughout the home and wood floors and tile are in much of the house. Some other updates/features include: Roof 2020, tankless water heater 2016, french drains, kitchen granite counters and stainless steel appliances, and newer flooring in the family room/kitchen. The owner is willing to sell the pool table, refrigerator, washer/dryer, patio dining table and the John Deere riding mower with trailer/equip; items separately priced.
Source: MLSOK #1199749
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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.
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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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