116 Modoc Trl Gainesville, TX 76240
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About this home
This great home is located just a quick walk or golf cart ride from the lodge, pro shop, east beach, and pavilion - where all the fun happens! The central living area features a vaulted ceiling, wood burning fireplace, built in cabinets & shelves, and a huge ceiling fan! The living area is open to a dining room with additional built-ins, that leads to a sunroom overlooking the large fenced back yard. A covered patio area is great for grilling or enjoying the peace and quiet of this great community. The kitchen has a breakfast bar that connects it to the living area, which is great for entertaining. A large utility room has a half bath, room for an extra fridge or freezer, and lots of additional storage. The primary bedroom with en suite bath is bright and airy. One of the secondary bedrooms is currently being used as an office, but can be easily returned to a bedroom. This great home is move in ready! Lake Kiowa is a coveted community with a 24-7 guarded entrance, private lake, lots of amenities, and unlimited golfing for property owners on a PGA rated 18 hole golf course. Coming this summer is an additional 9 hole, par 3 course! Come see why Lake Kiowa is known as North Texas's Best Kept Secret!
Source: NTREIS #20947165
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.