3211 N Mckinley Ave Oklahoma City, OK 73118
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About this home
***Seller has an assumable FHA loan at 3.25% interest rate, subject to lender approval*** Gorgeously updated historical home located in Military Park. The primary residence offers 1,728 sq ft, 4 bedrooms, and 2.1 baths (this does not include the detached garage apartment which offers another 251 sq ft, 1 bedroom, kitchenette, and full bathroom.) You won’t want to miss this opportunity! Imagine drinking coffee peacefully on the covered front porch as the sun rises. The main residence is warm and inviting, filled with natural sunlight. The fully renovated kitchen offers stainless steel appliances, gas stove, farmhouse sink, plenty of cabinets for storage, subway tile backsplash and quartz countertops. Other major updates by the seller include electric and plumbing. This two-story beauty provides a split plan, with the primary bedroom located on the first floor, perfect for privacy. Stylish barnyard doors give it the perfect flare of character. The primary bathroom is attached and provides double vanities, complete with a tiled shower and soaking tub. New tile floor installed in living room. Upstairs you will find original hardwood floors that have been refinished. Bedrooms upstairs are good sizes. The backyard offers a large open deck, perfect for relaxing or entertaining guests. Minutes from the Paseo & Plaza District and Hwy I-235 & I-44.
Source: MLSOK #1192042
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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.