1202 Sumter St Leesburg, FL 34748
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About this home
Welcome to a uniquely flexible real estate opportunity, perfectly situated to enjoy the charm and convenience of the Leesburg, Florida area! This meticulously maintained residence is not only the ideal single-family home but presents an exceptional dual-income or investment scenario. With excellent access to Highway 44, your commute and access to local amenities and the Harris Chain of Lakes is effortless. Step inside to discover a clever SPLIT-BEDROOM DESIGN for maximum privacy. Throughout the main living areas, you'll find the timeless appeal of ORIGINAL HARDWOOD FLOORING, lending warmth and character to the entire space. The central living room and kitchen feature an OPEN-CONCEPT floor plan, creating a wonderful area for entertaining and everyday life. The true highlight of this property is the PRIVATE master sanctuary. This expansive suite features its own dedicated entrance off the main entry hall, ensuring supreme separation from the rest of the home. It is further enhanced by its own MINI-SPLIT A/C system—a clever feature designed to enhance comfort while significantly helping to reduce utility expenses. With space available to integrate a small kitchenette, this independent area is perfectly configured to serve as a generous in-law apartment, an independent suite for extended family, or a high-demand studio rental for a potential income stream. Simply add the kitchenette and utilize the spacious backyard for dedicated parking, and you have a property that truly pays for itself!
Source: STELLAR #G5102787
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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.