1631 Terrace St Arlington, TX 76012
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About this home
CHARMING one story home located just minutes from I-30 in Arlington, TX. This 3 bedroom, 2 bathroom home offers plenty of comfort and space. Out back, enjoy a fenced yard with a playset, covered porch, patio, and a storage shed. Inside, a welcoming foyer leads to a formal dining room with double door entry, allowing it to serve perfectly as a dining room or a home office. The cozy living room features a brick front fireplace, built in bookshelves, and cabinets that gives the room added storage and character. The eat-in kitchen includes a breakfast nook and comes with all of the major appliances. The split bedroom layout provides privacy, with the primary suite on one side featuring dual sinks, a tub-shower combo, and two walk in closets. The secondary bedrooms share a full bathroom with a tub-shower combo. The flooring throughout most of the home is ready for your personal touch, offering a blank canvas to make it your own. All of the majors are in great condition with roof, HVAC, and hot water heater all under 7 yrs old. Refrigerator will convey, which is less than 1 yrs old. New ceiling fans, light fixtures, kitchen cabinets, and more have already been completed. Seller is very motivated and willing to offer concessions for needed updates, negotiate, or pay your contractor directly at closing to complete your personal touches! What a deal?! SCHEDULE A TOUR TODAY and send us an offer! We would love to meet you at the closing table. Discounted rate options and no lender fee future refinancing may be available for qualified buyers of this home.
Source: NTREIS #21085166
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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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