214 Boulevard Du Lac Norman, OK 73071
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About this home
$10,000 SELLER CREDIT with acceptable offer! Welcome to Summit Lakes Villas, a gated community in Norman (just a short drive to OU Campus) offering peace of mind and a welcoming sense of community. This two-story home combines comfort and functionality with thoughtful design throughout. Downstairs, you’ll find spacious main living areas including a formal dining room, a cozy breakfast nook, and a generously sized kitchen perfect for everyday living. Enjoy lake views from the living room and kitchen. The large living room features an elegant fireplace framed by built-in bookshelves, creating a beautiful focal point for gatherings or to relax. Upstairs, both bedrooms provide privacy and convenience. The primary suite features dual closets and a well-appointed bathroom, while the second bedroom is complemented by its own nearby bath. With 2 bedrooms, 2.5 baths, and a 2-car garage, this home balances low-maintenance living with plenty of room to spread out. Step outside to enjoy a private patio, ideal for a morning coffee or evening unwind. Residents of Summit Lakes Villas also enjoy access to serene stocked ponds and a charming gazebo just steps from home. And here’s the best part: sellers are offering $10,000 towards closing costs, rate buy-down, or other allowances with an acceptable offer—making this an incredible opportunity to get into Summit Lakes Villas! AGENTS! Bring a contract before the end of November and get a $2,500 bonus with an acceptable offer.
Source: MLSOK #1193561
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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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