1120 Merrill St Davenport, FL 33837
Your savings
About this home
Short Sale. Excellent value on this 3BR home in Madison Place, a newer community offering a convenient location and a low maintenance lifestyle. The home’s layout features common living space on the ground floor with bedrooms upstairs. Step inside and walk back to the heart of your home where you’ll find a spacious and open living, dining and kitchen area that’s versatile to arrange to suit your needs. Kitchen reflects the latest in style trends with trendy white cabinetry and has granite counters. Appliances included! Upstairs, you have a split bedroom plan with the primary suite in the back – ideal for privacy. Here you’ll enjoy an ensuite bath and good-sized walk-in closet. Another notable feature – solar energy, which can help you save on electric costs. Out back, you’ll appreciate having a patio and sizeable backyard, fully fenced for privacy/security. Madison Place offers a resort-style pool, dog park, and play area for the younger set. Excellent location – you are just off SR 27 with easy access to essential shopping and dining venues - about a mile to your Publix and 4 miles to the Posner Park shopping center and I4. Come see all that this special home has to offer.
Source: STELLAR #O6325945
Loan details
Neighborhood
45-day close guarantee
Close stress-free in 45 days, handled start to finish by Roam.
Roam Price Match
If you find a better price on any home, we’ll match it.
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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.