1335 Milrany Ln Melissa, TX 75454
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About this home
DEVELOPMENT OR FAMILY COMPUND OPPORTUNITY. This home is being offered as a THREE HOME, 15 +- ACRES, OPPORTUNITY IN MELISSA TX. SEE MLS 21078296 AND 21078293 Nestled on a lush, tree-lined lot, this modern farmhouse charms with gray shiplap siding, gabled roofline, and expansive covered porches front and rear. The front veranda boasts a spacious wooden deck, black-framed glass door with sidelights, and lush landscaping of native grasses and stone paths—ideal for seasonal gatherings. Enter a light-filled foyer with stained concrete floors, and globe chandelier. French doors lead to the rear deck, merging indoors and out. The open-concept great room features vaulted ceilings with exposed beams, oversized ceiling fan, recessed lighting, and a brick fireplace. Nearby kitchen includes beautiful gray cabinetry, exposed brick backsplash, stainless appliances, large island with bar seating, and farmhouse sink under a rustic wood hood. Adjoining dining room showcases floor-to-ceiling windows offering green views over stained concrete floors, lit by a beaded chandelier. Cozy family room has vaulted ceilings and picture windows gazing at the wooded backyard. Versatile library boasts wood-paneled ceilings, floor-to-ceiling bookshelves, with sheer curtains filtering light from large windows. A bedroom features bamboo shades, built-in shelving, and en-suite bath with pedestal sink and subway-tiled vanity. Backyard oasis: in-ground pool with spa, stamped concrete patio, wooden deck, stone fire pit amid cedars and natives, basketball hoop, and covered porch with lanterns overlooking the water and lawn.
Source: NTREIS #21078298
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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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