12601 Lake Madison Ln Jacksonville, FL 32218
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About this home
This beautiful home, built by Richmond American Homes in 2022, features an open layout with luxury vinyl plank flooring throughout the main living areas. The spacious kitchen boasts large quartz countertops and seamlessly connects to the dining room and great room. Enjoy the Florida room with panoramic windows, offering relaxing views of the lake. The home feels grand and spacious with 9-foot ceilings and 8-foot doors. For independent living, the in-law quarters include a bedroom, full bathroom, and sitting area. The primary bedroom offers two separate walk-in closets, a double vanity, and a walk-in shower. A three-car attached garage provides ample storage space. The HOA fee is low at $365/year, and there are no CDD fees. Since the home was built to the latest building and safety codes, homeowner's insurance will be less expensive compared to older homes. For your convenience, the washer and dryer can stay with the home. The property is conveniently located just minutes from I-295, providing easy access to Jacksonville International Airport, River City Marketplace for dining and shopping, and a short commute to Mayport Naval Base and Jacksonville beaches.
Source: REALMLS #2102619
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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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