1316 Maryland St Grosse Pointe Park, MI 48230
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About this home
Charming Colonial in Grosse Pointe Park. This 3 bedroom, 1 bath home offers the perfect blend of classic appeal and modern comfort. Nestled in a quiet established neighborhood, this home welcomes you with its timeless exterior and inviting front porch. Inside, you'll find a warm and spacious layout featuring hardwood floors, natural light, and original details throughout. The living room provides a cozy space for relaxing or entertaining, while the adjoining dining room is perfect for gatherings. The kitchen is functional and ready for your personal touch, with ample cabinet space and direct access to the backyard. Upstairs, three well-sized bedrooms offer peaceful retreats, each with generous closet space and charming touches. The full bath is features updated fixtures while preserving its vintage charm. Outside, enjoy a large fully fenced in private backyard with plenty of space for gardening, entertaining, or simply relaxing. Three car garage with solar panels cut out most of your electrical bill! A full basement provide additional storage or potential for future expansion. Basement is roughed in for half bath. Whether you're a first-time buyer or looking for a classic home to make your own, this is full of potential. Don't miss the opportunity to own a piece of timeless style in a great location at a reasonable price.
Source: REALCOMP #58050185439
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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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