20840 Chestnut St Dunnellon, FL 34431
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About this home
Historic Dunnellon Home Near Rainbow River offers the rare opportunity to own a piece of Old Florida history while enjoying proximity to world-class springs & natural beauty: Built in the 1900's, this two-story residence exudes timeless character & old-world charm on a generous .43-acre lot, just moments from the crystal-clear waters of the renowned Rainbow River & the Withlacoochee River. This is a unique chance to preserve & personalize a historic four-bedroom home that welcomes you with authentic architectural details that celebrate it's rich heritage. Original hardwood floors flow throughout, telling stories of over a century of memories. Distinctive walls & shiplap ceilings add texture & period-authentic appeal, with 2 ornamental fireplaces serving as stunning focal points that capture the home's historic essence. The home welcomes you with columns and a covered front porch, you enter a large great room which reveals the historic charm of the home with the focal point being one of two ornamental fireplaces, walk thru the arch to the bright open kitchen, laundry area & access to the downstairs bathroom & bedroom. The homes bonus room is off of the other downstairs bedroom & walk in closet. The access to the covered back porch invites you to the privacy of the .43 acres that is fully fenced. The back yard host a carriage house with a cement slab, ideal location for a workshop, she shed etc. The upstairs host the other 2 bedrooms & full bathrm. The front bedroom houses the 2nd ornamental fireplace. Both bedrooms have well sized closets. The home has a new metal roof, some windows, HVAC has been added and maintained. The home is ideal for front porch rocking chairs, large back yard open for family/friends and 4-legged family to enjoy the outdoors. Wonderful location walk to antique shops, restaurants plus 1/2 mile from the public boat ramp with access to the Withlacoochee & Rainbow River, 1 mile to Blue Run Park with trails following both rivers' edges, the trail goes all the way to Tampa. The home is within 20 minutes to the World Equestrian Center & 30 minutes to Ocala. The Gulf of Mexico is 15 minutes' drive. Convenient to I-75/Veterans Highway leading to Orlando & Tampa areas. This home has over 100 years of memories made and is ready to add more memories. The home is in the Dunnellon Historic District, zoned Residential Business Office giving Buyers a unique opportunity. The City of Dunnellon, has limited grants for this district up to $5,000, call the City of Dunnellon's community development department for details. The home is being sold "AS IS" with a hundred plus years of being lived in and loved.
Source: STELLAR #OM712999
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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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