20 Balfour Dr Covington, GA 30014
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About this home
Stunning Full Brick Ranch in Prestigious Lochwolde with Full In-Law Suite! Welcome to this expansive 5,500+ sq ft full brick ranch nestled in the highly sought-after Lochwolde subdivision of Covington, GA. This impressive 5-bedroom, 3.5-bath home offers an unbeatable combination of elegance, space, and versatility, perfect for multi-generational living or income-producing opportunities like Airbnb or long-term rental. Step inside to discover an inviting open-concept layout with soaring ceilings, gleaming hardwood floors, and a spacious master suite on the main level complete with a luxurious spa bath and walk-in closet. The gourmet kitchen features granite countertops, stainless steel appliances, and ample cabinetry, opening seamlessly into the living and dining areas — ideal for entertaining. The finished walk-out basement is a home within a home — featuring a second full kitchen, additional bedrooms, and generous living space that’s perfect for guests, rental income, or an in-law/teen suite. With its private entrance and full functionality, this level is a turnkey opportunity for short- or long-term rental. Enjoy outdoor living on your back deck or lower patio, all surrounded by the natural beauty and quiet elegance of the Lochwolde community, known for its lake access, walking trails, and serene lifestyle. Additional highlights include: • Oversized 2-car garage • Dedicated home office or flex space • Tons of storage throughout • Custom finishes and upgrades Whether you’re looking for a forever home or a property with real income potential, this one delivers.
Source: FMLS #7668248
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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.
Roam is committed to and abides by the Fair Housing Act and Equal Opportunity Act.