2170 Michigan St Melbourne, FL 32904
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About this home
***** MOTIVATED SELLER! Bring an offer! **** Welcome Home! House has been professionally cleaned and is just waiting for you to move in! This 3-bedroom, 2-bathroom POOL (salt water) home is packed with upgrades and ready for its next owner. Enjoy energy savings with solar panels, and peace of mind with a new roof (1 year old), HVAC (2022), and a tankless hot water heater for endless hot showers. The 0.85 acres allows a large front yard AND the fully fenced backyard features a separate dog corral, perfect for pets while entertaining guests. An extended driveway with a double gate allows easy access to store a boat, vehicle, or trailer. Inside, you'll find fresh paint, a water softener, and storm shutters for added protection. The eat in kitchen has barn doors that lead to a flex room. The garage has been converted into an additional bedroom with a wall-unit AC, but can easily be returned to garage use if desired. The well (2 years old) provides reliable water service.
Source: BREVARDMLS #1058041
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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.