3290 Sumac Trl Frankfort, MI 49635
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About this home
Welcome to the ultimate Up North escape! Located just a short drive up the scenic M-22 drive to the quaint and charming City of Frankfort you will find yourself surrounded by many hiking/biking trails, lake and river access, golfing, skiing and more. This stunning four-bedroom, three-bathroom home with a bonus one bed/one bath apartment features sweeping views of Upper Herring Lake and the surrounding countryside. Whether you're looking for a peaceful year-round residence or a seasonal getaway, this beautifully updated property provides year round seasonal beauty. Step inside to a bright, open layout where floor-to-ceiling windows bring natural light and outdoor beauty into your main living space. The large kitchen features new appliances and custom cabinetry connects with the dining room and flows nicely onto the covered back deck providing the ultimate entertaining space. Tastefully updated to include neutral paint, laminate flooring, and wood burning stove in the living room, you'll find a warm, welcoming ambiance throughout the home. Above the oversized 27x37 attached garage, youll find the one bedroom, one bath guest apartment with a separate entrance perfect for overflow friends and family. Enjoy morning coffee or evening sunsets from the expansive multi-level deck overlooking the tranquil waters of Upper Herring Lake. With shared access, dock and hoist you will enjoy swimming, boating, fishing, kayaking, or simply soaking in the serenity of this all-sports lake. Set on a wooded lot alive with wildlife, this home offers the perfect blend of privacy and convenience. Youre just a short drive to some of northern Michigans best attractions, including Sleeping Bear Dunes National Lakeshore, Arcadia Bluffs Golf Course, Point Betsie Lighthouse, and Crystal Mountain Resort. Dont miss your chance to own a slice of paradise.
Source: REALCOMP #78080057334
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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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