309 S Oliver Ave Elk City, OK 73644
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About this home
Quaint 2 bedroom home for sale with 20x 20 Shop for sale in Elk City, OK. Take a step back in time with hardwood floors and French doors. The fenced property would be great for play and not take a ton of time for upkeep. The 20 x 20 shop has 2 overhead doors and power! A new mini split was installed in 2023! Perfect for a Starter Home, Rental, or a Retirement Home. Dining Area is very nice sized Kitchen has an Electric Stove / Oven ! Laundry Room is just off the Kitchen with More Storage and Exterior Door to Storage Building and Detached Garage. Storage Building is Conveniently Located out the N Exterior Door and Also Detached Garage with an Auto Opener on One Side and a Keypad! New Electrical and New Roof in 2018. You really must see this home to appreciate! Close to downtown Elk City!
Source: MLSOK #1191444
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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.