1963 Rehoboth Road Ext Unit EXTENSION Bowman, GA 30624
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About this home
YOUR DREAM FARM IS AVAILABLE - 5 bedroom, luxury home, surrounded by 26.83 acres of established pastures with stately oaks! This farm has a classic design and is ready for you to update with your custom aesthetic. This property offers tremendous potential for appreciation. Pastures contained by four-board wooden fences flank the driveway as you approach the stately, traditional 4,172 sq ft home surrounded by an established grove of hardwoods. A 2-story foyer welcomes guests, leading into a spacious family room with a fireplace and built-in bookshelves at the heart of the home. In the kitchen, a breakfast bar and nook look out onto a great view of the backyard and pasture. A beautiful wooden barn door opens from the formal foyer into a bonus room that can be used as an office, a parlor, or an entertainment room. The wrap-around porch offers ample opportunities for quiet moments enjoying the country life, watching your horse or cows graze quietly in the pastures, and watching sunsets and sunrises. A screened-in back porch that stretches the full width of the house is perfect for entertaining. Upstairs, a primary suite with vaulted ceilings boasts a large walk in closet, a garden tub, and a separate shower. Three more large bedrooms with expansive closets complete the upper level. A finished basement with another bedroom opens out onto a covered patio and the backyard. The pole barn on the back of property can be renovated and used or taken down. Solar panels on front roof provide greener energy use. While the house needs cosmetic updating, it has been well-maintained and the bones are solid and sturdy. A home this size with this amount of land is a rare find in Elbert County. It is ready to be the perfect homestead, equestrian estate, or hobby farm. There is a transferable home warranty available.
Source: GAMLS #10627611
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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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