1370 Middle Swamp Rd Corapeake, NC 27926
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About this home
Escape the bustle and enjoy the peace of country living at this 3-bedroom, 2.5-bath home set on 4.41 acres in Corapeake, NC. Built in 1996 and updated in 2023, this two-story home offers an abundance of space with flexible rooms to fit your lifestyle. The property is located 2 miles from the VA/NC state line, just 20 minutes from the heart of Suffolk, VA- making it a commuters dream. High speed fiber internet is available through Fybe/ Spectrum- offering both solitude and convenience of a reliable connection. Step inside to find a welcoming layout with a formal dining room, eat-in kitchen, spacious living room, and a versatile bonus room downstairs. Upstairs, you'll discover three bedrooms, two full baths, and another bonus space that overlooks the expansive backyard. The primary suite features a walk-in closet, and private bath with both soaking tub and shower. Outdoors, the possibilities are endless. The property includes an expansive rear deck- great for entertaining, outdoor lighting in the back yard, a barn with stalls, hay storage, a tack room, water, and electricity— making it ideal for horse lovers or those looking for extra storage and workspace. Wide open land gives you plenty of room for gardening, animals, observing wildlife, or simply enjoying the space and privacy. Garbage service is available through Dixie Rentals. Gates County assesses annually $240 for a solid waste fee and a $50 fire fee with tax bill.
Source: NORTHCAROLINAREGIONAL #100531706
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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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