3113 Chipping Wedge Sanford, NC 27332
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About this home
Look no further than right here for your new home! Enjoy the cozy, nostalgic feel as you enter this beautiful Carolina Trace lake house that offers amazing views of both the lake and golf course. The main level of this traditional brick ranch boasts 3 generously sized bedrooms and 3 full baths, formal dining, laundry, and a large living room with an impressive solid brick, wood-burning fireplace that extends up to the vaulted ceilings with rustic, exposed wood beams. The oversized eat-in country kitchen has custom solid wood cabinetry, 2 pantries, 10 ft breakfast bar, and 2nd wood-burning fireplace. Walk out from any room on this level to the luxuriously large screened-in porch and sip your morning coffee or watch the evening sunset over the cove! On the downstairs level, you’ll find 2 more huge bedrooms and 1 full handicapped friendly bath/laundry combo, compact kitchen space with a w/pantry, and living/dining area. With its own private covered walk-out entrance, the fully finished basement provides options for use, such as an in-law suite or a potential rental space for added income. There is direct access to the lake for fishing and fun via your own large, improved wood dock with plenty of room to launch your boat or kayaks. **Current owner took so many items off of your to-do list!** Included are a new architectural shingle roof and gutters w/leaf filters (2021), new concrete circle driveway and sidewalk (2021), 4 new sets of sliding glass doors (2025), whole home freshly painted inside and out (2020), new range, refrigerator, tile backsplash and granite countertops in kitchen (2022), and 3 of 4 bathrooms updated with new showers/tub/sinks and fixtures, cabinetry, LVP flooring, and quartz countertops (2024), including the master ensuite. Also, over 1300 sq ft of outdoor living was added in 2021, with a new screened and roofed lakefront deck and patio, and in (2024), a new luxury 7-person hot tub/spa. The downstairs level was updated with a new kitchenette, all new flooring, a combo washer/dryer, and an electric chairlift for handicapped accessibility. In addition, the current Termite Bond is transferable, and the seller will pay the premium for a 1-year home warranty with an acceptable offer.
Source: TRIANGLEMLS #LP743728
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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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