109 Bonham St Port Lavaca, TX 77979
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About this home
This 2 lot, two building property is a triplex waiting for the perfect person, couple, or family to come and live in one part and manage the other two! With tons of yard space and still room for further improvements, this could make a great first investment for someone or a great portfolio addition for a seasoned investor. Perfect for a DSCR loan. (Debt service coverage ratio) Over the years, we have had many good tenants come and go. They like the fact that we do our best to keep the property nice, and that the neighbors are quiet and friendly and have a high pride of ownership regarding their own properties. All of the neighbors love that there is a sheriff who lives on the street as well! The large oak trees in the front and backyards also add a ton of charm to the property, and being just about 1 mile from both Walmart and HEB is an advantage as well. This property does have separate water meters and separate electric meters so it can be bought and sold separately. The survey work has already been completed approved by the city. Owner is a licensed agent and all showings will be scheduled through him. Because there are tenants, showings may be a little harder to schedule. Owner is willing to replace the roof with 25 year shingles and also change all window AC units to Minisplit units with any reasonable offer.
Source: SABOR #1891972
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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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