27 E Legrande Ave Indianapolis, IN 46225
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About this home
Nestled in the old Southside Historic neighborhood, this adorable 3-bedroom, 1-bathroom home has 1,025 square feet of finished space on the main level, plus a large unfinished basement. Elegant doorway arches and built-ins add a touch of sophistication from the 1930s, and the refinished hardwood floors add charm and warmth throughout. The floor plan features two LARGE living areas (virtually staged as a family room and formal dining room), but the heart of this home is the spacious eat-in kitchen, featuring painted cabinets with butcher-block look countertops, a gas range and updated fridge. You can enjoy the outdoors from the charming covered front porch or from your private backyard, lined by established trees. There could be off-street parking opportunities on the backyard concrete pad with alley access, or it could be a great spot to add a future garage. There's ample space for extra storage in the unfinished basement, which also houses laundry connections and mechanicals. Updates include new luxury vinyl plank flooring in the kitchen and 3rd bedroom and a newer furnace and central air conditioning. This charming haven is just a few minutes from Eli Lilly, Lucas Oil Stadium, shops, dining, Garfield Park and many more downtown Indy attractions and is ready to be your new home!
Source: MIBOR #22067091
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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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