1105 W Elm St Durant, OK 74701
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About this home
AS-IS Opportunity with Tons of Potential – Corner Lot in Durant This spacious two-story home offers 4 bedrooms and 2.5 bathrooms, filled with original charm and ready for the right buyer to bring it back to life. Featuring original hardwood floors in the living and dining rooms, crown molding, and abundant built-in shelving throughout, the home has endless character. The fenced backyard provides privacy and a great space for outdoor living. A detached storage shed—converted from a one-car garage—can easily be restored for vehicle use or continued storage. Mature trees enhance the curb appeal and shade the property beautifully. Located on a desirable corner lot, this home offers both space and location. Important Notes: This is an AS-IS property and will require significant updates, including: Knob-and-tube wiring that needs to be replaced Roof in poor condition Outdated plumbing Potential HVAC upgrades Termite damage in the garage and visible signs of insect activity, including carpenter ants Home and termite inspection reports will be made available to serious buyers upon request. Due to the condition, this property will only qualify for Conventional financing or Cash offers. If you're looking for a project with historic charm and great potential in a great location—this is it!
Source: MLSTECHNOLOGY #2537927
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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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