1320 Larayne Dr Troy, MI 48085
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About this home
This is the kind of property that doesn’t come along every day. Tucked into one of Troy’s most eclectic neighborhoods, this home sits on nearly 0.7 acres where possibilities stretch as far as your imagination. Homes here range from original gems to modern showstoppers, with the house next door recently closing at over a million — proof of the potential waiting to be unlocked. On paper, public records show 3 bedrooms and 1,140 square feet, but that’s only part of the story. The upstairs wasn’t even included and is already plumbed for a second full bath, giving you the chance to expand and create a much larger living space. Big-ticket updates are already handled — roof, siding, furnace, and AC were all replaced about three years ago — and the basement has been dry-locked with no known water issues. Step outside and you’ll find a fenced-in backyard with room to run, relax, or entertain. The in-ground pool is separately fenced, with a newer pump and heater (2023). It will need a new liner, but a pool company has already confirmed it’s a straightforward fix — once completed, you’ve got the ultimate summer retreat right in your backyard. And when you’re ready to step out, you’re perfectly placed. Shop high-end at Somerset Collection, catch a concert at Meadow Brook, stroll through downtown Rochester, or take advantage of Troy’s endless dining and entertainment along Big Beaver. Top-rated Troy schools, nearby golf courses, and easy access to I-75 add to the lifestyle package. This isn’t a cookie-cutter home in a cookie-cutter neighborhood. This is a chance to create something one-of-a-kind in a location where creativity pays off. Whether you’re renovating, expanding, or starting fresh, 1320 Larayne Dr. is your opportunity to make a statement. THIS HOME IS NOT FHA/VA APPROVED!!!
Source: REALCOMP #20251041164
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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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